16 Nov 2018, Focus Malaysia
Riding on its continuing profitmaking run, property developer EcoFirst Consolidated Bhd is hoping not only to keep its books in the black but also improve its margins.
To achieve this, the company has initiated a plan to concentrate on “quick paying projects” which can boost its net profits, says group CEO and executive director Datuk Tiong Kwing Hee.
“Even though the property market is down, there still are opportunities,” he says.
Meanwhile, the company will continue to develop its 35.2ha parcel of land in Ampang Ukay, Ulu Klang, which has an estimated gross development value (GDV) of over RM5 bil, he tells FocusM.
Ampang Ukay is EcoFirst’s flagship project. The RM606.8 mil Liberty, phase 1 of Ampang Ukay, is 95% sold as at June 2018.
Phase 2 of Ampang Ukay, with a GDV of RM523 mil, is expected to be launched in the second half of 2019, while phase 3, which will have a GDV of over RM1 bil, is to be launched in mid-2020.
Tiong is confident Ampang Ukay will continue contributing positively to its financials with increases in billings and additional sales for each phase launch over the next 12 to 15 years