KUALA LUMPUR: Ecofirst Consolidated Bhd
said the acquisition of 25ha of freehold land in Ulu Klang, Gombak, worth RM145mil, has been delayed by three months due to technical issues on land alignment.
In a statement on Monday, the property developer said the extension has been mutually agreed with the vendor Zurich Insurance Malaysia Bhd.
"The extension of full payment on balance purchase consideration is due to further clarification and information pending from the relevant authorities pertaining to land acquisition and alignment arising from the development of Sungai Besi-Ulu Klang Elevated Expressway connecting to Middle Ring Road II (MRR2) Highway," it said.
It said the planned elevated highway will positively affect certain parts of the land that front the Ulu Klang portion of the MRR2.
"This would in turn affect EcoFirst's proposed development plans of which the board and the management will take appropriate steps and make necessary changes," it said.
Chief executive officer Datuk Tiong Kwing Hee said the company was currently awaiting information pending from authorities in order for it to finalise the full payment of this acquisition.
"Once this land is acquired, it will be the jewel in EcoFirst's crown, as it is one of the few parcels left in the Klang Valley," he said. - Bernama
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