KUALA LUMPUR, AmBank Group has committed RM780 million in financing to Tanjung Pinang Development Sdn Bhd (TPD), a subsidiary of Eastern & Oriental Bhd (E&O), to support its flagship Andaman Island project.
In a joint statement on Wednesday, E&O and AmBank said the facility will fund the second phase of land reclamation and infrastructure works. Covering 230.67 hectares, Phase 2 forms part of Andaman Island’s total area of 307.56 hectares and is scheduled for completion by 2028.
E&O managing director Kok Tuck Cheong said the estimated cost of reclamation works for Phase 2 stands at RM4 billion.
“We are finalising the master plan for Phase 2 while maintaining focus on Phase 1. That said, we may advance both phases concurrently. To date, we have launched six projects under Phase 1, with a combined GDV of RM3 billion, including waterfront developments, landed homes, and condominiums,” he told reporters after the signing ceremony between AmBank and TPD.
As development progresses, Kok noted that plans also include a commercial belt featuring a shopping mall, offices, serviced apartments, educational institutions, branded residences, and a luxury hotel. He added that AmBank’s financing will help accelerate reclamation and infrastructure delivery, supporting timely development milestones.
The Andaman Island project is a 30-year master plan with a gross development value of RM70 billion. “With its scale, careful planning, and sustainability focus, Andaman is set to redefine island living in Penang while positioning itself as an international destination that attracts investors, residents, and visitors alike. Our goal is to build a future-ready island city that harmonises progress with nature and community, leaving a lasting legacy,” Kok said.
