EcoFirst gets further extension for proposed RM45 mil Penang land acquisitions

PETALING JAYA (July 22): EcoFirst Consolidated Bhd said the vendors of its proposed RM45 million acquisition of two freehold land parcels in Penang have agreed to a further extension of the completion period under the sale and purchase agreements (SPAs).

The property developer in a Bursa Malaysia filing on Tuesday (July 21) said Prisma Bumiraya Sdn Bhd (Receivers and Managers Appointed) (In Liquidation) and Akasia Dimensi Sdn Bhd (Receivers and Managers Appointed) have agreed to extend the completion period from July 1, 2026, to Aug 17, 2026, following an exchange of solicitors' letters. The extensions were confirmed on Tuesday.

The extension relates to separate SPAs entered into on Jan 30, 2026 by EcoFirst Homes Sdn Bhd and EcoFirst Living Sdn Bhd, both wholly owned subsidiaries of EcoFirst, to acquire the two freehold land parcels for a total cash consideration of RM45 million.

Under the proposed acquisition, EcoFirst plans to acquire the 1.26-acre Bolden Land for RM20 million and the 13.46-acre Collins Land for RM25 million. The company had said the sites are intended for residential developments with a combined estimated gross development value (GDV) of RM563 million, subject to the relevant approvals.

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