EcoFirst gets until Nov 30 to complete RM45m Penang land purchases

KUALA LUMPUR (Sept 24): EcoFirst Consolidated Bhd has been granted a further extension until Nov 30 to complete its proposed RM45 million acquisition of two freehold land parcels in Penang.

The vendors agreed in writing on Thursday (Sept 24) to extend the completion period for the acquisitions by EcoFirst Homes Sdn Bhd and EcoFirst Living Sdn Bhd, both wholly owned subsidiaries of EcoFirst. The extension runs from Aug 18 to Nov 30, following an earlier extension that ran from July 1 to Aug 17.

EcoFirst did not give a reason for the latest extension in its Bursa Malaysia filing.

Under sale and purchase agreements signed on Jan 30, EcoFirst Homes is to acquire the 1.262-acre Lot 72356 in Bukit Kechil, Mukim 12, Barat Daya district, for RM20 million. EcoFirst Living will also buy the 13.46-acre Lot 534 in Mukim 10, Barat Daya district, for RM25 million. Both parcels are freehold.

In January, EcoFirst said the parcels were likely to be developed into condominium projects with estimated gross development values of RM163 million and RM400 million, respectively, subject to approval from the relevant authorities. Thursday’s filing did not update the proposed developments, their estimated values or their indicative schedules.

The vendors are Prisma Bumiraya Sdn Bhd, which is in liquidation, and Akasia Dimensi Sdn Bhd. Both have receivers and managers appointed. Under the agreements, completion of the two purchases is inter-conditional unless the vendors agree otherwise in writing.

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