Ecofirst Consolidated Bhd is gearing up to launch new phases of its flagship mixed-development project in Ampang Jaya, Kuala Lumpur.
This comes as Ecofirst is in the midst of obtaining relevant authorities’ approvals for the masterplan development, said Ecofirst Group CEO Datuk Tiong Kwing Hee.
Located within the upscale locale of KL East, the RM5 billion Ampang Ukay project is envisioned to be Kuala Lumpur’s little Hong Kong, featuring commercial, residential and institutional buildings, reported the New Straits Times.
Liberty@Ampang Ukay, the development’s first phase, was launched in early 2017, featuring three residential towers with 1,632 small-office home-office units measuring around 450 sq ft each and 32 retail units. It registered a take-up rate of 99% as of 6 May 2020.
Tiong noted that the robust take-up rate underscored the strong demand for homes that combine premium designs and affordability within strategic locations.
“Being the first of our RM5 billion Ampang Ukay development, the success of Liberty @ Ampang Ukay points towards a promising future for the group,” he said.
Ecofirst had aimed to launch the second phase of the Ampang Ukay development project in the second half of 2019.
With a gross development value of RM600 million, Phase 2 is reportedly a condominium development offering 656 larger size units across three towers.
The development’s Phase 3 was expected to be a mixed development comprising commercial lots and residential towers.
Ecofirst saw its net profit for the third quarter ended 29 February 2020 drop 20.1% year-on-year to RM5.4 million as revenue declined 24.7% year-on-year to RM43.3 million.
For the nine-months ended 29 February 2020, revenue fell 21.2% year-on-year to RM125.7 million, due to lower property sales. Net profit also dipped 3.1% year-on-year to RM15 million.
Despite the challenging operating environment, Ecofirst expects to remain profitable for the financial year ending 31 May 2020.
Tiong revealed that the company is identifying pockets of land which it plans to quickly turnaround to boost its earnings sustainability.
Ecofirst also expects its property investment segment through South City Plaza to contribute rental income despite the movement control order’s disruptions.
“In the long-term, the board expects the mall’s vibrancy and footfall to improve with the addition of the upcoming Seri Kembangan MRT line connectivity,” it said.