KUALA LUMPUR: Ecofirst Consolidated Bhd
(ECB) is proposing to acquire a piece of freehold land in Hulu Langat, Selangor from Soils and Foundations Sdn Bhd for RM35mil.
In a filing with Bursa Malaysia, ECB said the acquisition will allow the group to have a bridged project in the size of an estimated total gross development value (GDV) of RM380.9mil, to be launched by first quarter of 2025 (commercial units) and the second quarter of 2025 (residential units).
“The expected surplus yields from the proposed development of the land shall enhance the liquidity and vicinity of ECB group and therefore strengthening value creation to the shareholders.”
Based on an estimated GDV of RM380.9mil, ECB said it is positive on the proposed land acquisition for its attractive pricing, as the total land cost to GDV ratio is 9%.
“The development period of the proposed development of the land is to span over three to four years. The management believes that operating at scale through simultaneous work on multiple projects.”
