Ecofirst secures RM189.9m from MBSB for Ampang Ukay project

  • Business
  • Monday, 05 Dec 2016

EcoFirst CEO Datuk Tiong Kwing Hee

KUALA LUMPUR: ECOFIRST CONSOLIDATED BHD's unit has secured RM189.95mil financing from MALAYSIA BUILDING SOCIETY BHD (MBSB) which be used to purchase the land and build its RM5bil Ampang Ukay property project.

It said on Monday its unit EcoFirst Hartz Sdn Bhd had secured the loan which comprises an Islamic term financing facility (TF-i) of RM101.5mil and an Islamic financing facility of RM88.45mil. 

EcoFirst CEO Datuk Tiong Kwing Hee said the financing would enable it to undertake the Ampang Ukay project, or to be known as Kuala Lumpur’s Little Hong Kong, which would have retail amenities and amidst the greenery and multiple high-rise buildings

“More importantly, it is a demonstration of the financial community’s confidence in EcoFirst which has transformed itself into a vibrant, renewed company focused on delivering growth and performance,” he said.

Recall that MBSB's ties with EcoFirst started with the shopping mall in Seri Kembangan, South City Plaza. MBSB was also instrumental in EcoFirst’s acquisition of the land in Ipoh for the condominium project Upper East @ Tiger Land.

MBSB president and CEO Datuk Ahmad Zaini Othman said EcoFirst's Ampang Ukay development would  make a difference to the local community’s lifestyle and also contribute to the economic growth of the surrounding areas.

The TF-i was to part-finance the purchase of 62 acres in Ulu Klang, Selangor. The land is part of EcoFirst’s Ampang Ukay project which has an estimated gross development value of more than RM5bil.

 The Islamic financing facility of RM88.45 million consists of additional Islamic term financing of RM15mil, Islamic bridging financing of RM66.85mil and an Islamic financial guarantee of RM6.6mil.

This facility will finance the development of Liberty Arc @ Ampang Ukay, the first phase of development. Liberty Arc comprises three towers with 1,632 units of small office home office (SOHO) and 32 ground floor retail units. 

During the soft launch held recently, two towers were opened for sale and the response was overwhelming. The third tower will open for sale at the official launch which is planned to be held in the first quarter of 2017. 

Ampang Ukay will cover 87 acres of prime land in total, once the acquisition of another 25.3 acres of land is completed, and is expected to sustain EcoFirst’s growth for the next 12 years.

 The project is located just 7 minutes’ drive from Kuala Lumpur City Centre with access to the Middle Ring Road 2 (MRR2), the Duta-Ulu Kelang Expressway (DUKE) and the  Ampang-Kuala Lumpur Elevated Highway (AKLEH), and, in the future, to the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE).

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