EcoFirst to acquire two Penang land parcels for RM45 mil

KUALA LUMPUR (Jan 31): EcoFirst Consolidated Bhd (KL:ECOFIRS) said it is acquiring two freehold land parcels in Penang island for RM45 million as part of its plan to strengthen its development pipeline and diversify earnings beyond the Klang Valley.

The properties, known as the Bolden Land and the Collins Land, are located in the Southwest district and have been valued at a combined RM49 million by an independent valuer, representing a discount of about 8% to market value based on the purchase prices.

EcoFirst said in an exchange filing that Bolden Land, measuring 1.26 acres and located 5km from the Penang International Airport in Bayan Lepas, is expected to be developed into a condominium project with an estimated gross development value of RM163 million.

Meanwhile, the Collins Land, measuring 13.46 acres and located 3km from the airport, is earmarked for a residential development with an estimated gross development value of RM400 million.

The company said the acquisitions will be undertaken by its wholly owned units, EcoFirst Homes Sdn Bhd and EcoFirst Living Sdn Bhd, from two vendors under receivership and management.

EcoFirst said the purchase consideration will be funded through a combination of internally generated funds and bank borrowings, with development of the two projects expected to commence from late 2026 and 2027.

Shares in EcoFirst closed up half a sen or 1.5% at 33 sen on Friday valuing the company at RM398.62 million. Over the past one year, the stock has declined 14.3%.

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