KUALA LUMPUR: Property developer Ecofirst Consolidated Bhd plans to launch a mixed development with a gross development value (GDV) of RM311 million in Cahaya SPK, Shah Alam, following the acquisition of a 1.93-hectare of leasehold land.
The group’s unit, EcoFirst Worldwide Sdn Bhd, has entered into a sale and purchase agreement with Modern Peak Sdn Bhd to acquire the land in Section U9, Shah Alam, Selangor for RM42 million.
“This acquisition is aligned with EcoFirst’s strategy of seeking high-value pockets of land that we can quickly develop and turn around in the short to medium term.
“With Shah Alam being the capital of highly industrialised Selangor, our Cahaya SPK land purchase provides an opportunity for us to tap into the state’s nucleus of economic development and urbanisation, ” group chief executive officer Datuk Tiong Kwing Hee said in a statement today.
Despite the soft property market, Tiong is confident that its attractively-priced houses that are well-served by a comprehensive road network will be received positively.
The proposed development comprises four blocks featuring 1,098 SOHO residential units, along with commercial and retail shops, department stores, and business space.
The land acquisition, which is expected to be completed within the next three months, will be funded by internally generated funds and bank borrowings.
Upon completion, the group’s total landbank will increase to 37.13 hectares from 35.21 hectares, which can last up to 11 to 14 years.
The project will have an estimated development timeline of three years once approvals for the upwards revision in residential density and GDV are obtained. – Bernama