EcoFirst acquires landbank in Shah Alam

KUALA LUMPUR: Property developer EcoFirst Consolidated Bhd has acquired a 4.76-acre leasehold landbank in Shah Alam for RM42 million.

The group, through its wholly-owned subsidiary EcoFirst Worldwide Sdn Bhd, inked a sale and purchase agreement with Modern Peak Sdn Bhd to acquire the 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 land.

Group chief executive officer Datuk Tiong Kwing Hee said the company intends to establish itself as a leading player in providing premium housing at affordable pricing in Klang Valley.

“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.

“Banking on the 100 per cent 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,” he said in a statement today.

The development comprises 4 blocks featuring 1,098 shop-office-home-office (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).

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 Damansara-Shah Alam elevated expressway (DASH).

“With Shah Alam being the capital of highly industrialised Selangor, our Cahaya SPK land purchase provides us an opportunity to tap into the state’s nucleus of economic development and urbanisation.

“As such, we believe the area is ready for this unique residential concept on the back of steady stream of homebuyers.

“Despite the soft property market, we are confident that our attractively priced homes that are well-served by a comprehensive road network will be positively-received,” Tiong said further.

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 up to 11 to 14 years.

The bulk of the group’s landbank is primarily located in Ampang Ukay.

Further, 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.

Source: NST