EcoFirst Consolidated Bhd, via its fully-owned subsidiary EcoFirst Worldwide Sdn Bhd, acquired a 4.76-acre land in Shah Alam from Modern Peak Sdn Bhd for RM42 million.
The group intends to build a mixed-development project on the leasehold land, reported The Sun Daily.
With a gross development value of RM311 million, the project will feature four blocks comprising 1,098 small office/home office (SOHO) residential units, along with retail and commercial shops, department stores and business space. The residential units will be based on dual key concept.
The group expects to complete the acquisition – which will be funded by bank borrowings and/or internally generated funds – in the next three months pending the consent of authorities and the fulfilment of the vendor’s conditions.
The acquisition will increase the group’s total landbank from 87 acres to 91.76 acres, with the bulk of the landbank primarily situated in Ampang Ukay.
“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,” said Ecofirst CEO Datuk Tiong Kwing Hee.
“Banking on the 100% take-up rate success of the first phase of our Ampang Ukay development, we seek to enrich the lives of Shah Alam communities with prime-located homes and retail amenities through our pocket development expertise.”
Despite the soft property market, Tiong said the group is confident that its attractively priced homes will be positively received.
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