• Makes first foray in Shah Alam with 4.76-acre land purchase in Shah Alam, Selangor for RM42 million
• Intends to launch RM311 million GDV mixed development in Cahaya SPK, Shah Alam
• Group’s total landbank to increase to 91.76 acres; able to last up to 11 to 14 years
Kuala Lumpur, Malaysia, 15 October 2020 – Property developer EcoFirst Consolidated Bhd (Ecofirst, [怡嘉控股], Bloomberg: ECOF:MK; Reuters: ECOF.KL) intends to expand its footprint in Klang Valley by acquiring a 4.76-acre leasehold landbank in Shah Alam for RM42 million.
The Group, through its wholly-owned subsidiary EcoFirst Worldwide Sdn Bhd, had entered into a sale and purchase agreement with Modern Peak Sdn Bhd to acquire the mentioned land in Seksyen U9, Shah Alam, Selangor.
The Group is planning to launch a RM311 million Gross Development Value (GDV) mixed development in Cahaya SPK, Shah Alam on the said land.
On the landbank acquisition, Group Chief Executive Officer of EcoFirst Datuk Tiong Kwing Hee stated the Group intends to establish itself as a leading player in providing premium housing at affordable pricing in Klang Valley.
Group Chief Executive Officer, EcoFirst Consolidated Bhd
The proposed development comprises 4 blocks featuring 1,098 SOHO residential units, along with commercial and retail shops, department stores, and business space. The residential units will also be based on the highly-functional dual key concept.
The land is strategically located at the heart of Cahaya SPK, a rapidly developing area in Shah Alam, and is close to educational institutions such as Universiti Teknologi MARA (UiTM) Puncak Perdana, HELP University, and Management and Science University (MSU). It is also surrounded by lush greenery and is situated in a serene area.
The land also benefits from excellent connectivity, and is accessible from major highways such as the Guthrie Highway and the upcoming DASH Highway.
The land acquisition is expected to be completed within the next three months pending fulfilment of conditions by the vendor and authority’s consent. Upon completion, the Group’s total landbank would increase to 91.76 acres from 87 acres as at 15 October 2020, which can last the Group up to 11 to 14 years. The bulk of the Group’s landbank is primarily located in Ampang Ukay.
The acquisition will be funded by internally generated funds and/or bank borrowings. Upon obtaining subsequent approvals for the upwards revision in residential density and GDV, the project will have an estimated development timeline of 3 years.
About EcoFirst Consolidated Bhd (http://www.ecofirst.com.my/)
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.