5 days ago
- Business
- New Straits Times
OCBC extends RM351mil financing for projects in Johor-Singapore SEZ
KUALA LUMPUR: OCBC Bank (Malaysia) Bhd has approved RM351 million in financing for three major real estate developments within the Johor-Singapore Special Economic Zone (JS-SEZ).
The funding supports a joint venture between property developers See Hong Chen Group and EXSIM Group for the acquisition of freehold land in Johor Bahru.
In a statement today, the bank said the mixed-use development has a projected gross development value of RM1.8 billion.
OCBC is also financing See Hong Chen Group's purchase of additional freehold land parcels in Bandar Johor Bahru.
"The JS-SEZ represents a significant opportunity for long-term economic growth," said OCBC managing director and wholesale banking head Jeffrey Teoh.
"We're committed to going beyond traditional lending by delivering integrated financial solutions through our One Group capabilities," he added.
The JS-SEZ, a flagship cross-border economic initiative, is expected to catalyse investment flows between Johor and Singapore, with connectivity boosted by the Rapid Transit System Link, which is slated for completion in 2026.
See Hong Chen Group managing director See Cherng Jye said the developments aligned with the group's strategy to deliver impactful assets in growth zones.
"This collaboration marks a significant milestone for us as we expand our footprint into Johor," said EXSIM managing director Lim Aik Hoe, adding that the projects are designed to meet evolving market and community needs.
OCBC is the second-largest banking group by assets in Southeast Asia and is part of a wider financial ecosystem that includes Great Eastern, Bank of Singapore and asset manager Lion Global Investors.
