PETALING JAYA: Ecofirst Consolidated Bhd (ECB) is proposing to acquire a piece of 4.76-acre leasehold land in Shah Alam for RM42mil to expand its landbank in the Klang Valley.
In a statement, the property company said it is planning to launch a RM311mil gross development value (GDV) mixed development in Cahaya SPK, Shah Alam, on the land.
The proposed development would comprise four blocks featuring 1,098 SOHO residential units, along with commercial and retail shops, department stores, and business space.
It said upon obtaining subsequent approvals for the upwards revision in residential density and GDV, the proposed mixed development project would have an estimated development timeline of three years.
ECB said the land acquisition was expected to be completed within the next three months pending fulfilment of conditions by the vendor and authority’s consent.
Upon completion, the group’s total landbank would increase to 91.76 acres from 87 acres as at Oct 15,2020, which can last the group for 11 to 14 years.
The bulk of the group’s landbank is primarily located in Ampang Ukay. The proposed acquisition would be funded through a combination of internally generated funds and/or bank borrowings, it said.
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