EcoFirst to purchase land in Sungai Buloh

By AZALEA AZUAR / Pic TMR

ECOFIRST Consolidated Bhd’s wholly-owned subsidiary, Opal Horizon Sdn Bhd, has acquired seven parcels of land in Petaling Jaya, Selangor, for RM70 million.

In a filing in the stock exchange, the subsidiary entered a sales and purchase agreement with Radiant Nature Sdn Bhd to acquire the plots located in Mukim Sungai Buloh, Petaling Jaya, for a mixed development project at the end of 2021.

The plots will be purchased with a cash consideration of RM49 million and an issuance of new ordinary shares worth RM21 million.

Although the GDV cannot be determined at this juncture, EcoFirst expects it to be in excess of more than RM550 million, premised on the preliminary estimates, which are based on the zoning approval.

EcoFirst CEO Datuk Tiong Kwing Hee (picture) in a statement said these are the most sought-after pieces of land in the Klang Valley, as their location are within 400m away from the Damansara Damai Mass Rapid Transit Station.

Transit-oriented development refers to urban planning and design strategy that brings housing, amenities, jobs and services together around public transportation systems and it also creates a significant population catchment area, which will naturally translate into high demand for residential and commercial properties.

“From mid-2021 onwards, we expect to launch the project in Cahaya SPK, Seksyen 9, Shah Alam (U9), followed by the Phase 2 of Ampang Ukay development,” he added.

The Shah Alam (U9) project is a RM311 million GDV mixed development project which consists of four blocks.

It features 1,098 small office, home office units, along with commercial and retail shops, supermarkets and business space.

The Ampang Ukay project is situated in the upscale locale of Kuala Lumpur (KL) East and is envisioned to be the little Hong Kong of KL.

“Spanning approximately 87 acres (35.21ha) of freehold land, this development features modern conveniences and entertainment in the thriving and prestigious heart of the City. Phase 2 is a RM741 million GDV residential development comprising three blocks of 696 condominium units and two blocks of 660 Rumah Selangorku residential units,” Tiong added.

Following the completion of [email protected] Ampang Ukay, Phase 1 of Ampang Ukay flagship development, he commented that the acquisition is in line with EcoFirst’s strategy and expansion plan for earnings sustainability.