PETALING JAYA (March 23): HSBC Bank Malaysia and Kerjaya Property Sdn Bhd, a subsidiary of Kerjaya Prospek Property Bhd, have successfully completed their first green loan for a property developer.
The green loan will help Kerjaya Prospek Property facilitate the funding of its integrated development called Bloomsvale located at Old Klang Road, Kuala Lumpur.
This green funding is also important to support Kerjaya Prospek Property’s transition towards its net zero journey.
In a statement, Kerjaya Prospek Property executive chairperson Datin Toh Siew Chuon said: “This green loan marks a significant milestone for us in our sustainability journey. It is a testament to our commitment to include more sustainable developments [in] our portfolio and to be more responsible in our development and construction practices. We are optimistic about embracing green initiatives and we will be launching more green developments in the near future.”
The Bloomsvale development has achieved a Platinum rating under GreenRE’s provisional certification for the residential component while its commercial building component is expected to obtain a Gold rating.
By working with HSBC Malaysia and executing its first green loan that is aligned with the Green Loan Principles (GLP), an international standard recognised in the global syndicated loan markets, Kerjaya Prospek Property is able to ensure the greening of its development and supply chain as well as to enable long-term growth while reducing climate impact.
HSBC Malaysia country head of corporate of commercial banking Karel Doshi said that as more Malaysians, especially the younger generation advocate for green buildings and sustainable cities, there is a trend where more developers and construction sector players are focusing on environmental, social and governance (ESG) elements in their projects and operations to future proof their business. There is an inherent need to ensure responsible and sustainable construction and development so the environment is minimally impacted and continues to be protected.