Ecofirst to finalise land purchase deal in Ulu Klang

KUALA LUMPUR: Ecofirst Consolidated Bhd, a diversified group with business interests in property, construction and bio-organic technology, is finalising the purchase of a freehold parcel of land in Ulu Klang, Selangor, for RM150 million, said sources.

The land belonging to Zurich Insurance Group, was inherited by the company after its acquisition of Malaysian Assurance Alliance Bhd. The 62 acre (24.8ha) parcel fronts the Middle Ring Road 2.

Ecofirst plans to develop a mixed development with commercial components and 42 acres of 100 two to three-storey bungalows. The remainder of the land will be used for green space and infrastructure, according to sources close to the company. The gross development value is believed to be around RM1 billion.

Ecofirst is a public-listed company, established in 1973. It has diversified into property, construction, bio-organic technology, mineral resources and other investments. Its existing properties include the South City Plaza in Seri Kembangan, Selangor, and 1Segamat Mall in Johor.

Located in Jalan Kolam Air in Segamat, Johor, 1Segamat Mall is developed and managed by Tashima Development Sdn Bhd, a wholly-owned subsidiary of Ecofirst. It opened its doors on Aug 25.

South City Plaza comprises five levels of retail space, with 310 shoplots. It has a gross built-up of 1.2 million sq ft, and a net lettable area of 800,000 sq ft.

This article first appeared in The Edge Financial Daily, on September 13, 2013.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.