EcoFirst Phase 1 Ampang Ukay flagship development fully taken-up

Recorded net profit of RM16.3 million on revenue of RM149.8 million
in FY20 despite adverse impact from Movement Control Order (MCO)

Kuala Lumpur, Malaysia, 30 July 2020 – Property developer EcoFirst Consolidated Berhad (Ecofirst, 怡嘉控股, Bloomberg: ECOF:MK; Reuters: ECOF.KL) has sold out the first phase of its flagship 87-acre Ampang Ukay mixed development, Liberty @ Ampang Ukay.

The RM606.8 million GDV million Liberty @ Ampang Ukay development comprises 1,632 residential SOHO units and 38 retail units. The development located in the upscale enclave of Bukit Antarabangsa offers variants of compact-sized units of 450 sq. ft., which are priced affordably from RM350k.

The Group has successfully received vacant possession of Liberty @ Ampang Ukay on 10 Jan 2020 is currently in the midst of handing over keys to the project homebuyers.

“Our ability to sell out all of Liberty @ Ampang Ukay is a vindication of the Group’s foresight in unlocking the value of Ampang Ukay landbank and turning it to our flagship development. Coupled with our practical layout design, we are heartened by the strong public interest in our efforts and vision. Backed by our stellar phase 1 sales success, we are hard at work in launching 7 more development phases and obtaining a masterplan for Ampang Ukay, which will show a clear concept of the modern and vibrant township that we are aiming to deliver for the Ampang community.”

Dato Tiong Kwing Hee (拿督张建飞)
Group Chief Executive Officer, EcoFirst Consolidated Bhd

For the financial year ended 31 May 2020 (FY20), EcoFirst’s revenue declined 32.3% of RM149.8 million in FY20 from RM221.3 million in the previous financial year. In line with lower topline performance, the Group’s net profit dipped by 27.9% to RM16.3 million from RM22.6 million previously.

The decline in FY20 financial performance is attributable to primarily due to profit recognition of Liberty @ Ampang Ukay project being at the tail-end stage. Additionally, the Group also was impacted by the rental assistance provided to the tenants of South City Plaza during the 2.5 months MCO period starting on 18 March 2020.

For the fourth quarter ended 31 May 2020 (4Q20), EcoFirst’s net profit dipped by 81.7% to RM1.3 million from RM7.1 million in the previous corresponding quarter. Meanwhile, the Group’s registered lower revenue of 61.0% of RM24.1 million in 4Q20 from RM61.8 million in the corresponding quarter last year. The decline in financial performance in 4Q20 is in line with completion of Liberty @ Ampang Ukay, and also impacted by rental assistance programme to the tenants of South City Plaza during the MCO period.

About EcoFirst Consolidated Bhd (

Established in 1973, EcoFirst Consolidated Bhd is a public listed company with core businesses in property development, property investment holding and property management.

Steadfast in delivering its projects, EcoFirst revived and completed its 1Segamat Mall, the first and only commercial complex in Segamat. Its South City Plaza in Sri Kembangan is now home to Malaysia largest digital devices accessories outlet and china products centre whilst transforming into an edu-mall completed with student-housing apartment, The Academia. It has also developed Kondominium Kelab Golf previously known as Upper East @ Tiger Lane, a luxury condominium project in Ipoh, Perak and has acquired a substantial land bank in the Klang Valley.

The Group is currently developing its flagship development in Ampang Ukay, which is envisioned to be the little Hong Kong of Kuala Lumpur, offering retail convenience, quality amenities, pedestrian and bicycle-friendly environments, vibrant nightlife, and a strong neighbourhood character. The township borders Ampang, a prime district within Kuala Lumpur and its bustling neighbourhood, Ulu Klang. Conveniently located only 7 minutes away from Kuala Lumpur City Centre and 12 minutes to major areas such as Hartamas, Damansara and major highways, Ampang Ukay offers multiple access points and endless connectivity to its residents. This massive undertaking is intended to make available a series of successive developments bringing superior quality residential and commercial offerings that will transform Ampang Ukay towards a new-age dimension; at the best value in this prestigious part of town.