BANK PEMBANGUNAN MALAYSIA BERHAD SUPPORTS DEVELOPMENT OF A NEW SATELLITE CITY WITH RM50 MILLION FINANCING FOR MYGRES CERAMICHE'S 4-STAR HOTEL PROJECT IN BUKIT JALIL
Thursday, 14 Aug 2023, Kuala Lumpur–
Bank Pembangunan Malaysia Berhad (BPMB) is proud to announce its RM50 million term financing facility to Mygres Ceramiche Sdn Bhd (“Mygres”) to support the development of a 4-star hotel in the bustling Bukit Jalil City.
Hyatt Place Kuala Lumpur (“Hyatt Place”) is strategically located adjacent to Pavilion Bukit Jalil, and is close to major meetings, incentives, conferences, and exhibitions (“MICE”) facilities. It is also near the Bukit Jalil Stadium, Bukit Jalil Golf & Country Resort, International Medical University as well as the 80-acre Bukit Jalil Recreational Park. It is easily accessible via the Bukit Jalil Highway, Kuala Lumpur-Seremban Expressway and Shah Alam Expressway.
Hyatt Place is the first renowned international hotel in the satellite hub of Bukit Jalil and is poised to become the area's premier international business hotel. It is anticipated to create employment opportunities and catalyse economic activities in the surrounding area.
The project's positive impact aligns with BPMB's overarching goal of driving sustainable growth that benefits both businesses and communities.
Roni Abdulwahab, Group CEO of BPMB, shared that, "Today, we are very proud to support Mygres for the development of Hyatt Place, the first 4-star international hotel in Bukit Jalil. At BPMB, we ensure all our financing delivers social, economic and environmental impact. Our projects are evaluated using our very own impact assessment framework, which is Measuring Impact on National Development, or MIND, that complements our credit assessment. We hope our journey with Mygres will further contribute to the tourism industry and economic activity in Bukit Jalil. We hope our role in this project will help further develop Bukit Jalil and its surrounding areas into a thriving satellite hub of Klang Valley”.
Datuk Wira Vincent Lye, Managing Director of Mygres said that, "We are honoured to have BPMB as our financing partner in making our vision for the Hyatt Place Kuala Lumpur Bukit Jalil a reality. This partnership signifies a shared commitment to fostering innovation, economic growth and creating new dynamics in the hospitality industry. Mygres is dedicated to delivering a hybrid Hyatt Place hotel that will stand as a testament to our collaborative efforts."
The collaboration underscores BPMB’s unwavering commitment to drive Malaysia's economic growth through impact capital.
ABOUT BANK PEMBANGUNAN MALAYSIA
Celebrating its 50th Anniversary in 2023, Bank Pembangunan Malaysia Berhad (BPMB) finances strategic sectors for national development.
Owned by Minister of Finance (Incorporated), BPMB is rated ‘AAA’ by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad. It is regulated and supervised by Bank Negara Malaysia under the Development Financial Institution Act 2002.
Equipped with its impact assessment framework, MIND (Measuring Impact on National Development), BPMB is well positioned to serve its purpose of delivering impact capital for national development.