OCBC extends RM351mil financing for Johor property projects in JS-SEZ
KUALA LUMPUR: OCBC Bank (M) Bhd has extended RM351mil in financing to See Hong Chen Group and Exsim to support three strategic real estate developments in the Johor-Singapore Special Economic Zone (JS-SEZ).
In a statement, OCBC Bank said the financing supports a partnership between Exsim and See Hong Chen Group for the acquisition of freehold land along Jalan Dato Abdullah Tahir in Johor Bahru, earmarked for a mixed development project with a gross development value of approximately RM1.8bil.
Financing has also been extended to See Hong Chen Group to support the acquisition of freehold land parcels in Bandar Johor Bahru.
OCBC Bank managing director and head of wholesale banking, Jeffrey Teoh, said the financing reflects the bank's continued commitment to supporting sustainable development in the JS-SEZ.
'The JS-SEZ represents a significant opportunity for long-term economic growth, and we are pleased to support our clients in advancing developments that contribute to this region's progress.
'We are always looking to deliver value that goes well beyond traditional lending by offering integrated financial solutions made possible through the cross-entity and cross-border expertise of OCBC's One Group, which includes Great Eastern, Bank of Singapore and PacLease,' he said.
Meanwhile, See Hong Chen Group managing director See Cherng Jye said: 'We are grateful for OCBC Bank's support and confidence in our vision. These projects are aligned with our strategy to develop high-impact assets in key growth corridors, and we look forward to contributing to the continued development of Johor Bahru.'
Separately, Exsim managing director Lim Aik Hoe said the collaboration marks a significant milestone for the group as it expands its footprint into Johor.
He added that with the support of OCBC Bank, Exsim is confident in delivering developments that align with the evolving needs of the market and community.
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