Property development group EcoFirst Consolidated Bhd posted a 5% jump in its annual revenue to RM127.2 million following a bumper fourth quarter driven by the early completion of its Upper East @ Tiger Lane project in Ipoh, Perak.<\/p>\n
For the fourth quarter ended 31 May 2017, Ecofirst saw a stunning 13-time surge in its net profit to RM7.7 million from RM570,000 previously, on the back of a 49.8% rise in revenue to RM65.5 million from RM43.7 million in the previous corresponding quarter.<\/p>\n
The Group maintained its net profit at RM16.1 million for the year, from RM16.0 million previously, and saw a marginally lower annual pre-tax profit of RM19.8 million, against RM20.2 million previous corresponding quarter.<\/p>\n
The strong performance in the fourth quarter was due to the completion of Upper East@Tiger Lane\u2018s completion with Certificate of Completion and Compliance five months ahead of schedule, as well as the sales from the first phase of its RM5 billion flagship project Ampang Ukay in Ulu Kelang, Kuala Lumpur.\u00a0<\/p>\n
Ecofirst has sold 90 percent of LIBERTY@Ampang Ukay, the first phase of Ampang Ukay, since its launch in March 2017. Located amid the affluent neighbourhoods on the boundary between Ampang and Ulu Kelang, LIBERTY@Ampang Ukay offers good value for its strategic location with well-priced starter homes just 7 minutes\u2019 drive to Kuala Lumpur City Centre.<\/p>\n
LIBERTY@Ampang Ukay is a mixed residential and retail development with three residential blocks of fully-furnished 1,632 SOHO units and 32 retail units, ideal for young professionals looking for their first property.<\/p>\n
\u201cWe\u2019re pleased that Ampang Ukay is progressing according to the scheduled plan. Our next immediate focus will be on Phase 2 Ampang Ukay expected launch to be earlier than anticipated. With a GDV of more than RM5 billion, Ampang Ukay will be main driver for EcoFirst\u2019s growth over the medium to long term,\u201d said Dato\u2019 Tiong Kwing Hee, Group Chief Executive Officer.\u00a0<\/p>\n
As the last large freehold land on the borders of Ulu Kelang, this 87-acre project represents the jewel in Ecofirst\u2019s crown. Strategic location as the key strength of Ampang Ukay, which is accessible via four major highways: the MRR2, AKLEH, DUKE, and upcoming SUKE.<\/p>\n
\u201cWe envision Ampang Ukay to emulate the vibrancy of Hong Kong. With such a good location in close proximity to the city and major areas of economic activities, Ampang Ukay will be THE place for the millennial generation, a vibrant metropolitan in this affluent neighborhood to complement the bustling town of Ulu Klang and Ampang\u201d, Tiong added.<\/p>\n
\u201cAmpang Ukay embodies everything EcoFirst strives to deliver: location, pricing and product quality alongside Ecofirst\u2019s unique branding. We have always delivered all three in all of our products. Once our Little Hong Kong vision is completed and the 87 acres of land is fully developed, we expect to see a total facelift for the whole of Ulu Kelang and Ampang area, strengthening Ampang Ukay\u2019s reputation as the hub for city dwellers.\u201d<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Property development group EcoFirst Consolidated Bhd posted a 5% jump in its annual revenue to RM127.2 million following a bumper fourth quarter driven by the early completion of its Upper East @ Tiger Lane project in Ipoh, Perak. For the fourth quarter ended 31 May 2017, Ecofirst saw a stunning 13-time surge in its net […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-796","post","type-post","status-publish","format-standard","hentry","category-corporate"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=796"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/796\/revisions"}],"predecessor-version":[{"id":6251,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/796\/revisions\/6251"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}