High-end condo project in Damansara Heights by EcoFirst and IGB targeted for launch this year

KUALA LUMPUR (March 3): EcoFirst Consolidated Bhd (EcoFirst), which is partnering IGB Corp Bhd (IGB) to develop a high-end condominium project in Jalan Batai, Damansara Heights, hopes to launch the four-acre project in the third quarter of this year (3Q2017).

"This [the condo development] is one of the projects that we have in the pipeline, but we can't disclose the details yet as we are still finalising them. We also need to communicate with the residents association in the area," EcoFirst general manager of property development and projects Liew Wee Fong told TheEdgeProperty.com on the sidelines of the official launch of Liberty Arc @ Ampang Ukay, Ulu Kelang, Selangor today.

"We have applied and hope to obtain the development order for this project, then we will probably launch it in 3Q2017, but we will see how it goes, because the approval [from the authorities] may come with some conditions that we need to comply with," he added.

Meanwhile, Liew noted that Tower A of Liberty Arc @ Ampang Ukay is about 60% to 70% sold despite the current tight lending environment.

Liberty Arc @ Ampang Ukay, which has a gross development value (GDV) of RM606.8 million, was previewed last December. As the first phase of Ampang Ukay, it consists of three towers (Tower A, B and C) of 1,632 Small-office Home-office (SoHo) units and 32 retail units.

The built-up size for the SoHo units is 450 sq ft, with the minimum selling price from RM300,000 or an average of RM750 psf.

Towers B and C received overwhelming response with 90% of the units in both blocks taken up.

Going forward, EcoFirst is planning to launch phase 2 of Liberty Arc @ Ampang Ukay by end-2017, followed by phase 3 in 2Q2018, group CEO Datuk Tiong Kwing Hee told reporters at the press conference after the official launch.

The estimated GDV of phase 2 and 3 is about RM500 million and RM1 billion, respectively, added Tiong.

"Sitting on over eight acres of land, phase 2 will consist of affordable houses and Rumah Selangorku, while phase 3 will be commercial lots on 10 acres of land. Each phase will take about three and a half to four years to be completed," he said.