KUALA LUMPUR (Oct 25): EcoFirst Consolidated Bhd will be kept busy with its Ampang Ukay project which has a gross development value of over RM5 billion, to be realised over the next 12 years.
The mixed development sits on an 87-acre plot located about 10km from the Kuala Lumpur City Centre.
Speaking to reporters after the group’s annual general and extraordinary general meetings today, EcoFirst group chief executive officer Datuk Tiong Kwing Hee said the the group had recently organised a soft launch for Phase 1 of the project.
“Phase 1 of the development [the Liberty Arc @Ampang Ukay], which comprises SoHo (small office home office) units and retail units with an estimated GDV of RM606.8 million, was recently soft-launched. We plan to complete Phase 1 in 40 months.
“We hope to be able to commence Phase 2 of the Ampang Ukay project next year, which will also be a commercial and residential development,” said Tiong.
At the EGM earlier, the group obtained its shareholders' approval for the disposal of its 1Segamat Mall to Hektar Real Estate Investment Trust for RM104 million.
Tiong said the disposal does not mean the group would see a slowdown in profit contribution.
“We believe the contribution from our Ampang Ukay project will be able to offset [any lost contribution from the 1Segamat mall]. The yield from the mall was only about 6.5%,” he said.