SUBANG: EcoFirst Consolidated Bhd aims to start the second phase of Ampang Ukay development project, which has an estimated gross development value (GDV) of over RM600mil, by the second half of next year.
Group chief executive officer Datuk Tiong Kwing Hee said the company had submitted the development proposal to the Ampang Jaya City Council and was awaiting approval.
“The first phase, which is currently under construction, is already sold out and is expected to be completed in about 40 months,” he told reporters at the company’s AGM and EGM in Subang on Tuesday.
EcoFirst recently launched Liberty Arc @ Ampang Ukay, phase one of its 35.21ha Ampang Ukay development in Ulu Kelang, a mixed and residential development of small-office home-office residential units with an estimated GDV of RM606.8mil.
Meanwhile, he said, the shareholders had approved the disposal of 1Segamat Mall to Hektar Real Estate Investment Trust for RM104mil cash during its EGM.
With the disposal, Hee said, EcoFirst would be able to monetise its asset and reinvest in higher-yielding businesses.
“We made strategic decision to sell our investment property in order to unlock more of the company’s potentials.
“The sales allow us to further strengthen our balance sheet and improve our returns to shareholders by focusing on our Ampang Ukay project which has GDV exceeding RM5bil,” he said.
For financial year ended May 31, 2016, EcoFirst’s net profit rose to RM16.1mil from RM6.1mil recorded a year ago, following 49% increase in revenue to RM121.2mil. – Bernama