Property company EcoFirst Consolidated Bhd is set to launch an enlarged master plan for its Ampang township now that its landbank is a beneficiary of the third Mass Rapid Transit Line 3 (“MRT3”).
EcoFirst’s landbank in Ampang is some 300m away from the future Hill View station under the proposed plan of MRT3. According to previous news reports, the preliminary plan for the MRT3 will include 30 stations, where 10 of them are MRT interchange stations, light rail transit (LRT), and KTM Komuter lines.
On March 4, Prime Minister Datuk Seri Ismail Sabri Yaakob confirmed that the construction of the MRT3 has been approved by the government. Also known as the Circle Line, the Prime Minister said that priorities for the MRT3 will be given to local contractors especially the Bumiputeras, in order to generate business and employment opportunities.
The crown jewel of EcoFirst’s landbank is its flagship development – the Ampang Ukay mixed development, which is a seven-phased project on an 87-acres land situated in Ukay Heights. This land was purchased a decade ago and is extremely close to the upcoming Hill View MRT Station.
EcoFirst is a mid-sized property player with prime landbank in the Klang Valley, notably in Ampang, Sungai Besi, Shah Alam, and Damansara Damai. In recent years, EcoFirst had switched its focus to sell affordable houses to the M40 or middle-class group of Malaysia due to the demand in this segment.
Commenting on the relaunch of MRT3, EcoFirst Alternative Director Dato’ Kenneth Teoh Seng Kian said: “In general, properties situated near MRT stations in Malaysia appreciate in value because of the convenience of connecting to all major business and entertainment hubs in Greater Kuala Lumpur.”
“We are extremely grateful for the MRT3 development. This is a game-changer for us. As property developers, we will also do our part in creating job opportunities and stimulating the economy. We are in the midst of revising our master plan. It will be a lot more comprehensive as we intend to transform Ampang to become a sought-after and fully self-sufficient premium township. We will reveal this masterplan in the second quarter of this year,” added Dato’ Kenneth.
He disclosed that the original plan for the Ampang project had an estimated gross development value (GDV) of more than RM4 billion.
On its recent corporate development, EcoFirst had seen the emergence of savvy businessman Datuk Michael Chooi Yoey Sun, who first picked up a 5.16% stake in the company back in January.
Chooi is best known as the co-founder of kitchen cabinet and wardrobe systems manufacturer Signature International Bhd. He is also currently a major shareholder of Scanwolf Corporation Bhd with a 12.878% stake.
The company closed at 46.5 sen yesterday with a market cap of RM547 million.
