EcoFirst Consolidated Bhd has proposed to expand its footprint in the Klang Valley by acquiring a 4.76-acre piece of land in Cahaya SPK, Shah Alam for RM42 million.
A mixed development has been planned on the leasehold land purchased from Modern Peak Sdn Bhd. The shareholders of Modern Peak Sdn Bhd are Lee Kwong Yan, Leow Yuen Leong and Lee Kwong Joo. Lee Kwong Yan and Leow Yuen Leong are the owners of privately owned property developer – Mutiara Johan Group.
The project, with a gross development value of RM311 million, will comprise four blocks featuring 1,098 small office/home office (SOHO) residential units, along with 40 units of shops, four units of department stores, and two business spaces. Work is expected to commence in the first quarter of 2021, with an estimated development timeline of three years.
The Land, in view of its strategic location, surrounded by lush greenery in a serene area, away from the regular hustle and bustle of big cities and offers a comparatively and affordable living. Link to upcoming DASH Highways, easy access via Guthrie Highway, near to UiTM Puncak Perdana Campus within 1KM and a few international schools namely Sekolah Seri Cahaya R.E.A.L International (6KM), HELP University (13KM), Management and Science University (11KM) and Sri KDU International School (16KM).The Land has been granted a Planning Permission (“KM”) on 30 March 2018 and with extension letter dated 28 February 2019.
EcoFirst said that upon completion of the project, its total landbank would increase to 91.76 acres from 87 acres, which can last the group some 11 to 14 years. The bulk of the group’s landbank is primarily located in Ampang Ukay.
Lot no: Lot 87187 (formerly held under HS(D) 260105 PT 23658), Mukim Bukit Raja, Daerah Petaling, Negeri Selangor
Land area:Approximately 19,243 square metres/4.76-acre
Tenure: 99 years expiring on 27 December 2108
Category of Land Use: Bangunan (Bangunan Perniagaan)
Land Price: RM42 mil (RM202.80 psf)
Date of transaction: 15 Oct 2020
Vendor: Modern Peak Sdn Bhd
Purchaser: EcoFirst Worldwide Sdn Bhd
Note: The indicative valuation appraised by C H William Talhar & Wong Sdn Bhd for the Land is RM42 mil