"Last year, we achieved RM180 million sales. It shows we’re able to tap under-served segments of the market, despite the general slowdown in property,” said group chief executive officer Datuk Tiong Kwing Hee.
“This year, we’re optimistic of RM240 million sales from phase two of Liberty @ Ampang Ukay and remaining units of Kondominium Kelab Golf,” he told reporters at a briefing here today.
Also present were EcoFirst financial controller Tan Hun Lim and EcoFirst general manager Janice Loh.
Liberty @ Ampang Ukay straddles between two affluent areas, namely Ukay Heights and Kelab Golf Darul Ehsan. Kondominium Kelab Golf is located along Persiaran Brash, off Lorong Tun Dr. Ismail, in Ipoh. This is a freehold high-rise apartment of 529 units.
Phase one of Liberty @ Ampang Ukay comprised three towers of residential small office home office units and 32 retail units, with gross development value (GDV) of RM606.8 million, over 2.63ha.
The second phase comprises residential development of three blocks of well-priced condominiums, with an estimated GDV of RM523 million.
“The strong demand for phase one of the Liberty @Ampang Ukay is indicative that our products represent good value to first-time buyers, especially young professionals working in the city. Sales of phase two units, which caters to small families, are now available,” Tiong said.
In its filing to the stock exchange, EcoFirst said its fourth quarter net profit expanded 7 per cent to RM8.99 million from RM8.28 million previously, thanks to contribution from the first phase of its RM5 billion Ampang Ukay development.
This brings the company's full-year net profit to RM44.60 million, almost triple that of RM16.13 million, posted a year ago.
Revenue for the quarter was RM60.71 million, bringing full-year revenue to RM181.23 million, 42 per cent higher than RM127.21 million, posted previously.
Other contributions to the group's full-year performance included recurring income from its two retail malls and RM28.4 million compulsory land acquisition by the government for the construction of Sungai Besi-Ulu Klang Elevated Expressway (SUKE) highway.
In September 2017, EcoFirst completed the sale of 1Segamat to Hektar Real Estate Investment Trust for RM104 million. The bulk of the proceeds were channeled into the higher yielding Ampang Ukay project.
When asked on growth prospects, Tiong said the group will be exploring strategic joint ventures with landowners in the future, particularly in Klang Valley.
On EcoFirst constructing RumahKu Selangor homes for sale to low and medium income earners, Tiong said his team is seeking mutually beneficial arrangements with the Selangor state government on provision of land at more affordable areas.
“We would like to consult Selangor government to provide government land to build affordable homes,” said Tiong.