Ipoh condo project to be main revenue generator for Ecofirst

Ipoh condo project to be main revenue generator for Ecofirst

SUBANG JAYA — Property developer, Ecofirst Consolidated Bhd is upbeat about its performance for the 2016 financial year (FY16), with its high-end condominium project, Upper-East@Tiger Lane in Ipoh, Perak, to be the main revenue contributor.

Its Group CEO and Executive Director Datuk Tiong Kwing Hee said the company had so far sold 80 per cent of the 529 condominium units offered.

He said this to reporters after the company’s extraordinary general meeting on 3rd September 2015.

Ecofirst posted a higher pre-tax profit of RM6.67 million in the financial year ended May 31, 2015 (FY15) from a pre-tax loss of RM3.56 million, while revenue improved to RM42.06 million from RM6.37 million previously.

Besides that, Tiong said the company’s two malls — South City Plaza in Seri Kembangan, Selangor and 1Segamat Mall in Johor, would be also be contributing to group revenue.

Tiong said as of the end of FY15, its two malls had contributed as much as 25 per cent to group revenue.

On its 25.09-hectare (ha) soon-to-be acquired land parcel in front of the Middle Ring Road II at Ulu Kelang, Selangor, he said it was expected to have a gross development value (GDV) of RM2 billion.

The land acquisition from Zurich Insurance (M) Bhd worth RM145 million was expected to be completed by the fourth quarter of FY16.

“The freehold land, which had been delayed due to technical issues on land alignment, would be resolved,” he added.

Meanwhile, Tiong said another 10.12ha plot located next to the Ulu Kelang land that will be acquired from IGB Corporation Bhd valued at RM62.8 million, would have a GDV of RM1 billion.

“For these land acquisitions, 90 per cent will be funded through bank loans and another 10 per cent via equities,” he said.