EcoFirst completes Liberty @ Ampang Ukay

KUALA LUMPUR (May 12): Public-listed property developer EcoFirst Consolidated Bhd has completed the development of Liberty @ Ampang Ukay on Jan 10 this year.

With a gross development value of RM606.8 million, Liberty @ Ampang Ukay is the first phase of its flagship 87-acre Ampang Ukay mixed development in Kuala Lumpur. It comprises 1,632 residential SOHO units and 32 retail units. Liberty @ Ampang Ukay has recorded a take-up of 99% since its launch in 2016.

“The strong take-up rate of Liberty @ Ampang Ukay highlights the robust demand for homes that combine affordability and premium designs in strategic locations,” said EcoFirst Group CEO Datuk Tiong Kwing Hee in a press release today.

“As the first of our RM5.0 billion Ampang Ukay development, the success of Liberty @ Ampang Ukay points towards a promising future for the group as we target further launches going forward,” he added.

He said the company is in the midst of getting approvals from the authorities for the Ampang Ukay masterplan which would provide the group with a clear 12-year development plan.

“We are also identifying pockets of land, which we aim to quickly turnaround and in turn boost our earnings sustainability,” said Tiong.

Meanwhile, the company's net profit in its third quarter ended Feb 29, 2020 (3Q20) dipped by 20.1% to RM5.4 million from RM6.7 million in the previous corresponding quarter while revenue declined by 24.7% to RM43.3 million from RM57.5 million a year ago due to Liberty @ Ampang Ukay reaching the tail-end of construction progress.

Property development remained the main revenue contributor amounting to RM114.2 million or 90.9% of 3Q20 revenue, while the recurring income segment made of property investment and management contributed RM11.4million or 9.1% of 3Q20 revenue. The remaining RM0.1 million was from the group’s investment and others.

For the nine months ended Feb 29, 2020 (9M20), EcoFirst’s net profit slightly dipped by 3.1% to RM15 million in 9M20 from RM15.5 million previously. Group revenue declined 21.2% to RM125.7 million from RM159.5 million a year ago.

Established in 1973, the public listed company’s core businesses are property development, property investment holding and property management.

Its flagship development Ampang Ukay is envisioned to be the little Hong Kong of Kuala Lumpur, offering retail convenience, quality amenities, pedestrian and bicycle-friendly environments, vibrant nightlife, and a strong neighbourhood character. The township borders Ampang, a prime district within Kuala Lumpur and its bustling neighbourhood, Ulu Klang.

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