28 April 2018
EcoFirst Consolidated 3Q net profit surges 3.47 times
EcoFirst Consolidated Bhd saw its net profit surge 3.47 times to RM4.48 million in the third financial quarter ended Feb 28, 2018 (3QFY18) from RM1.29 million a year ago, on contribution from its two development projects namely Phase 1 of Ampang Ukay known as Liberty @ Ampang Ukay here and Upper East @ Tiger Lane in Ipoh, Perak.
This resulted in higher earnings per share of 0.56 sen in 3QFY18 compared with 0.16 sen in 3QFY17. Quarterly revenue also grew 10.1% to RM35.3 million from RM32.05 million a year ago.
For the cumulative nine months (9MFY18), the group’s net profit more than quadrupled to RM35.6 million from RM7.85 million a year ago, while revenue almost doubled to RM120.52 million from RM61.66 million in 9MFY17.
28 July 2017
EcoFirst’s Q4 FY2017 net profit surge 13 times to RM7.77 million
EcoFirst Consolidated Bhd posted a surge in fourth quarter (Q4) earnings, rounding out its financial year ended May 31, 2017 (FY17) on a strong note after three successive quarters of year-on-year profit contraction. Earnings also surged to RM7.77mil in Q4 from RM608,000 a year earlier on 50% higher revenue of RM65.55mil. The final-quarter effort pushed up its FY17 earnings to RM15.62mil, but the figure fell marginally short of the FY16 earnings level of RM16.2mil. Revenue for the year, however, grew 5% to RM127.2mil. The Group’s strong Q4 results were driven by the early completion of its Upper East @ Tiger Lane project in Ipoh, Perak, as well as sales from the first phase of its RM5bil flagship project Ampang Ukay in Ulu Kelang, Kuala Lumpur.
4 July 2017
Completion of Upper East & delivery of vacant possession
EcoFirst is proud to have completed Upper East five months ahead of schedule and received the Certificate of Completion and Compliance, which saw revenue contribution from sales amounting to RM55.32 million. This represents 43 per cent of revenue contribution to overall Group revenue.
3 Apr 2017
Targeted launch of Phase 2 Ampang Ukay in Q1 2018
EcoFirst Consolidated Bhd expects to launch the phase two and three for its RM5 billion Ampang Ukay project in the next two years. Phase 3 of Ampang Ukay, which will also be a commercial and residential development, is to commence by the 3rd quarter of 2017 over a 3.24ha site. EcoFirst is also considering allocating eight acres of this land for the Rumah Selangorku project under phase 2. Tentatively, it could be a 30-storey residential tower offering over 1,000 units. On phase 3 of Ampang Ukay, Tiong said there are plans for a retail mall which could complement the first two phases as well as bring vibrancy to the community, thus realising the company’s vision in creating a The Little Hong Kong concept in Malaysia. Phase two and three would have an estimated gross development value (GDV) of RM500 million and RM1 billion respectively.
3 March 2017
Official Launch of Phase 1: Liberty @ Ampang Ukay
EcoFirst Consolidated Bhd officially launched phase one of its RM5 billion gross development value (GDV) Ampang Ukay mixed development project, Liberty@Ampang Ukay. Comprising of three towers of residential small office home office units and 32 retail units with a GDV of RM606.8 million over 2.63 hectares, two of the three blocks have achieved a take-up rate of more than 90% since its soft launch in Sept 2016. The third has a current take-up of 30 per cent and selling fast.
Offering compact, fully furnished units each measuring 450 square feet, phase one is scheduled for completion by 2019. EcoFirst Consolidated is also expected to launch the second phase of the Ampang Ukay project by year-end, and comprising 378 units of affordable homes with a RM500 million GDV on 3.24 hectares of land.
5 Dec 2016
EcoFirst secures RM189.9m from MBSB for Ampang Ukay project
EcoFirst Consolidated Bhd, through its wholly-owned subsidiary EcoFirst Hartz Sdn Bhd, has secured total financing facilities of RM189.95 million from Malaysia Building Society Berhad (MBSB), to finance the purchase of land and the development of its estimated RM5 billion Ampang Ukay project.This financing facility will enhance EcoFirst’s capabilities to achieve our vision of Ampang Ukay, as Kuala Lumpur’s Little Hong Kong, offering retail convenience, quality amenities and a strong neighbourhood character amidst the greenery and multiple high-rise buildings. It is a demonstration of the financial community’s confidence in EcoFirst which has transformed itself into a vibrant, renewed company focused on delivering growth and performance.
As a key financier, MBSB has supported EcoFirst in a long relationship that goes back to the development of EcoFirst’s shopping mall in Seri Kembangan, South City Plaza. MBSB was also instrumental in EcoFirst’s acquisition of the land in Ipoh, where the luxury condominium project Upper East @ Tiger Land is now located.
25 Oct 2016
Phase 1: Liberty @ Ampang Ukay Preview and Soft launch
EcoFirst initiated the soft launch of Phase 1, Liberty @ Ampang Ukay project, comprising three towers with 1,632 units of Small Office Home Office (SOHO) and 32 ground floor retail units. During the soft launch, two towers were opened for sale and the response was overwhelming. The third tower will open for sale at the official launch which is planned to be held in the first quarter of 2017.
17 Sept 2016
Ampang Ukay commenced earthworks and piling
Construction of the superstructure has commenced and the entire Ampang Ukay project is estimated to have a gross development value of over RM5 billion. Phase 1 Liberty @ Ampang Ukay, which comprises SoHo (small office home office) units and retail units has an estimated GDV of RM606.8 million. EcoFirst plans to complete Phase 1 in 40 months.
26 July 2016
EcoFirst FY16 Net Profit More than Doubled
EcoFirst Consolidated Bhd’s net profit more than doubled to RM16.6 million on a 49 percent hike in revenue to RM121.2 million for the full year ended 31 May 2016. Net profit for the year rose 174.2 percent to RM16.6 million from RM6 million following the growth in its revenue to RM121.2 million from RM81.2 million previously, due to its Upper East @ Tiger Lane, a high-end development in Ipoh, Perak. Its pre-tax profit surged by 151.1 percent to RM20.2 million from RM8.1 million.
21 Jan 2016
EcoFirst’s 2Q net profit jumps 78 times to RM11.7 mil
EcoFirst Consolidated Bhd saw its net profit jump over 78 times to RM11.74 million or 1.61 sen per share for its second financial quarter ended Nov 30, 2015 (2QFY16) from RM150,000 or 0.02 sen per share a year ago, mainly due to reversal of over provision of tax penalties and interests. Its revenue also quadrupled to RM23.63 million in 2QFY16 from RM5.35 million in 2QFY15. The multi-fold net profit growth in 2QFY16 helped to boost its earnings for the cumulative six months ended Nov 30, 2015 (1HFY16) by more than 16 times to RM14.08 million or 1.93 sen per share from RM866,000 or 0.13 sen per share in 1HFY15.
13 November 2015
Upper East @ Tiger Lane Ipoh awarded ‘Best Low-rise Condominium’ Award by Malaysian Property Press Awards 2015 (MPPA15). The award ceremony aims to recognise outstanding property personalities and distinguished organisations for their contributions to the industry, highlighting the nation’s most dynamic property players that have dominated the pages of various newsprints with their positive impact on the industry during the course of the year.
3 November 2015
Upper East @ Tiger Lane Ipoh chosen by consumers as the best property development in the Northern region and awarded the “Best Northern Development” Award by iProperty.com Malaysia People’s Choice Awards (PCA). iProperty.com Malaysia’s PCA is the only consumer selected awards for property developers. The inaugural event was launched in 2014 and received overwhelming support from both developers and consumers. The award provides developers with the highest recognition in the industry as it is purely chosen by consumers who are the ultimate property buyers.
3 September 2015
EcoFirst has an option to acquire 25 acres of freehold prime land in Ulu Kelang from Harta Villa Sdn Bhd. EcoFirst had a time frame of 30months, from 20th April 2015 to 19th October 2017 to exercise this option and complete the land acquisition. Upon shareholders’ approval obtained on 6th October 2015, EcoFirst has exercised its option by entering into a Special Purchase Agreement with Harta Villa Sdn Bhd.
Combined with EcoFirst’s earlier land acquisition of 62 acres from Zurich Insurance Sdn Bhd, Ecofirst now owns a landbank totaling 87 acres – one of the largest remaining freehold land in the Klang Valley. The Group has earmarked this 87 acre land to build a mixed development project – residential, commercial and retail, which will be known as Ampang Ukay@ Ulu Kelang. The land is strategically located approximately 10km from KL City center and is accessible from KL via Jalan Tun Razak, AKLEH highway and MRR2. This development will drive the growth of EcoFirst over the next 10 years with an estimated Gross Development Value of over RM3 Billion.
27 Aug 2015
Dato’ Tiong Kwing Hee awarded ‘Asia Pacific Entrepreneurship Awards (APEA) 2015 – Outstanding Category’. The APEA award is a regional award that recognises outstanding entrepreneurship and honour individuals who have shown great entrepreneurial spirit in leading, growing and contributing to their organizations, communities and countries. As an experienced turnaround expert, Tiong brings an ability to create effective and dynamic teams to support the new corporate culture he cultivates in every company he revives. This is how, in the space of 5 years, Tiong has transformed EcoFirst Consolidated Bhd and regained the trust of customers, shareholders, employees and financial institutions. By bringing out the best in people, Tiong brings out the best in a company.
31 May 2015
For the year ended May 31, 2015, EcoFirst Consolidated Bhd saw its group revenue more than triple to RM81.2 million from RM24.4 million in the preceding year generated based on recurring income from its two shopping malls and contributions from its Upper East @ Tiger Lane luxury condominium development in Ipoh, Perak.
2 September 2014
1Segamat mall has proudly won the Best Decoration, Cleanliness and Lighting Competition under commercial category at the Segamat District Council level in conjunction with 57th Merdeka Celebration.
8 July 2014
Published of business write-up on EcoFirst Group’s milestones and turnaround plans through interview session with Group CEO, Dato’ Tiong Kwing Hee in the 99th edition of International Business Review magazine.
25 July 2014
Pre-launching of high-end condominiums with five 12-storey blocks consisting of 7.5 acres of land at Upper-East @Tiger Lane in Ipoh received overwhelming response from buyers with sixty percent booked sales.
25 August 2013
Thousands throng to 1Segamat shopping mall to greet Sultan of Johor, DYMM Sultan Ibrahim Ibni Almarhum Sultan Iskandar in conjuction with the annual royal engagement with rakyat event. It was a great honour to have Sultan Johor officiated the grand opening of 1Segamat shopping mall. Other activities organized on the same day including a 15-minute recorded video of rakyat engagement with Sultan since 2007 and basketball throwing competition at the indoor amusement park in 1Segamat shopping mall.
14 March 2013
Dato’ Tiong Kwing Hee was awarded “Built-To-Last Award” in the inaugural Asia-Pacific Enterprise Leadership Awards (APELA) 2013 at Marina Bay Sands, Singapore. This prestigious regional award recognizes and honors the achievements of leaders in the areas of sustainable development, corporate responsibility and CSR.
11 May 2012
1Segamat mall has successfully attracted 45,000 patrons a month to the mall after its soft opening. One of the main attractions is the eight-hall cineplex, operated by Lotus Five Star. The mall will bring greater vibrancy to the area and enhance its real estate value.
7 Jan 2012
South City Plaza has been transformed as wholesale point with approximately 850 units to be tenanted. The Scope Wholesale Point covers an area of 226,000 square feet involving 5 zones with centralized airconditioners.
31 Oct 2011
Ecofirst Consolidated Bhd has turned around with a net profit of RM8.67 million for its financial year ended May 31 (FY11), is poised for new growth phase with the revival of long abandoned retail mall in Segamat, new property development projects including The Academia at South City Plaza, Taipan commercial centre at Ipoh and iron ore mining in Indonesia.
11 Dec 2011
The one and the only cinema in Segamat with 8 cineplex including 2 units with 3D facility has started operation at 1Segamat mall by Lotus Five Star Cinemas on 15 December 2011. Overwhelming response was received and the cineplex is definitely a crowd puller to the mall.
22 Dec 2011
Tenants Signing Ceremony for 1Segamat mall was officiated by YDP Majlis Daerah Segamat, Encik Ismail Abu on 22 December 2011. This modern shopping mall will be a one-stop entertainment centre for Segamat residence besides providing ample business and job opportunities to nearby residence as well.
22 Jul 2010
1Segamat mall which has been abandoned more than six years ago has been revived and started re-commencement of construction in May 2010. The construction was completed within 18 months.
16 October 2009
Mr Tiong Kwing Hee was awarded the prestigious Golden Bull Award 2009 at Genting International Convention Centre on 16 October 2009 in recognition of his outstanding performance and achievements.
27 Jun 2009
Mr Tiong Kwing Hee, Group CEO, is named as one of the panelists for the “CEO Forum on riding out the current Global Economic Crisis” held on 27 June 2009 at the Exchange Square, Bursa Malaysia. Together with other panelists are Group CEO from Cuscapi Bhd, Group CEO from Khind Holdings Bhd, Director & Head of Research of Alliance Research Sdn Bhd and President of Help International Corporation Bhd.
25 Apr 2009
Group CEO, Mr Tiong has been interviewed by Star about EcoFirst eyeing projects worth over RM200mil. “The group hopes to raise about RM80mil to RM100mil through the issuance of sukuk bonds by year-end to finance the building of two high rise buildings on top of the mall as well as the mall’s refurbishment.Plan to invest about RM40mil to RM50mil to acquire two manufacturing companies by the middle of next year and have identified three potential candidates.Also currently negotiating for a long-term food ration supply contract. We anticipate an average additional income of RM3mil per annum from both divisions.”
22 Apr 2009
Group CEO, Mr Tiong has been interviewed by Star about EcoFirst rebrands education mall.“We aim to sell the property to real estate investment trusts once we achieve our targeted yield within seven years,” he told StarBiz.Currently, about 4,000 students are receiving higher education and vocational training offered by eight institutions at the five-storey mall in Seri Kembangan, Selangor.The group targets to increase the number of students at the mall to 6,000 by year-end and 10,000 by end of next year. “We still have about 70,000 sq ft reserved for educational tenants.”To enhance the value of its property, EcoFirst plans to build two blocks of 13 to 14-storey apartments which can house about 3,000 students on top of the mall to be leased to SEGi.With a gross development value of RM75mil to RM80mil, the serviced apartments were expected to be completed within 24 months after construction starts in the fourth quarter.”