KUALA LUMPUR, 27 August 2025 – Bank Pembangunan Malaysia Berhad (BPMB) has extended RM111 million in financing to Beaks Development Sdn Bhd via its subsidiary Rimbun Purnama Sdn Bhd to support the development of 1,000 residential units in Bandar Tun Razak. The project will feature 500 affordable homes under the Perumahan Penjawat Awam Malaysia (PPAM) scheme for civil servants, alongside 500 open market units, creating a balanced and sustainable development that combines affordability with long-term viability.
The financing reflects BPMB’s purpose of delivering impact capital for national development. By enabling this project, BPMB is not only supporting the Government’s housing agenda under the 12th Malaysia Plan and Wawasan Kemakmuran Bersama 2030, but also strengthening the PPAM programme’s mission of expanding quality and affordable homeownership for Malaysia’s civil servants. Demand for PPAM homes in Kuala Lumpur has long exceeded supply, with tens of thousands of applicants competing for only a limited number of units. By increasing access to affordable homes in a strategic urban location, this development responds directly to that gap while also uplifting broader socio-economic outcomes.
The development is expected to create over 500 jobs during construction, sustain more than 100 jobs upon completion, and stimulate broader economic activity in Bandar Tun Razak. It will create opportunities for local businesses and reinforce supporting supply chains. Beyond its immediate economic impact, the project will enhance the township’s liveability by adding quality homes to an area already well-served by healthcare, education, sports and transport facilities, further cementing Bandar Tun Razak’s status as a thriving and well-connected urban hub within Greater Kuala Lumpur.
Wee Yee Tat, BPMB’s Group Head of Corporate Banking and Advisory, said,
“Our civil servants are the backbone of the nation, and ensuring they have access to affordable, quality housing is vital to their wellbeing and productivity. By supporting Rimbun Purnama in this project, BPMB is proud to play a role in giving more families a place to truly call home. This is what impact capital is about for us; financing that doesn’t just fund projects, but builds communities, supports livelihoods, and creates a stronger future for Malaysia.”
Datuk Benny Lee Kong Wai, Managing Director of Rimbun Purnama, said:
“We are honoured to partner with BPMB in bringing this project to life. By combining affordability with sustainable development, we are not only delivering homes but also building communities where families can thrive. This collaboration is a strong example of how the public and private sectors can work together to create lasting impact.”
This project exemplifies how catalytic financing can turn national aspirations into meaningful outcomes for Malaysians. By delivering affordable, quality homes for civil servants while uplifting the wider Bandar Tun Razak community, BPMB and Rimbun Purnama are contributing both to the country’s development goals and the everyday lives of its people.
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About Bank Pembangunan Malaysia Berhad (BPMB)
Incorporated on 28 November 1973, Bank Pembangunan Malaysia Berhad is a development financial institution wholly owned by Minister of Finance (Incorporated). The Bank holds the highest ‘AAA’ rating from both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad and operates under the regulatory oversight of Bank Negara Malaysia as stipulated by the Development Financial Institution Act 2002.
With Group Total Assets valued at RM34.6 billion as of 31 December 2024, Bank Pembangunan is well-equipped to meet the financing and development needs of Malaysian businesses. Effective 1 May 2025, EXIM Bank and SME Bank became subsidiaries of Bank Pembangunan Malaysia Berhad.
For more information, visit www.bpmb.com.my.