EcoFirst secures RM189.95 mln financing facility from MBSB

KUALA LUMPUR: EcoFirst Consolidated Bhd, via its unit, EcoFirst Hartz Sdn Bhd, has secured a RM189.95 million financing facility from Malaysia Building Society Bhd (MBSB), to part finance the purchase of two pieces of land in Klang and development of the RM5 billion Ampang Ukay project.

Chief executive officer Datuk Tiong Kwing Hee said the financing facility would comprise an Islamic-term financing facility (TF-i) of RM101.5 million and an Islamic financing facility of RM88.45 million.

He said the facility would enhance the group’s capability to achieve the vision of Ampang Ukay, as Kuala Lumpur’s little Hong Kong, offering retail convenience and quality amenities.

“More importantly, it is a demonstration of the financial community’s confidence in EcoFirst which has transformed into a vibrant, renewed company on delivering growth and performance,” he told reporters after the signing of a

More importantly, it is a demonstration of the financial community’s confidence in EcoFirst which has transformed into a vibrant, renewed company on delivering growth and performance. Datuk Tiong Kwing Hee, MBSB chief executive officer

loan facility agreement between EcoFirst Hartz Sdn Bhd and MBSB here yesterday.

The Islamic financing facility of RM88.45 million consists of an additional Islamic term financing of RM15 million, Islamic bridging financing of RM66.85 million and an Islamic financial guarantee of RM6.6 million.

The TF-i is to partly finance the purchase of two parcels of land in Ulu Klang, Selangor, of 25.0905 hectares, with an estimated gross development value of more than RM5 billion.

Tiong said that the facility would finance the first phase development of Liberty Arc@Ampang Ukay that comprises three towers with 1, 623 units of Small Office Home Office (Soho) and 32 ground floor retail units.

Liberty Arc@Ampang Ukay will cover 35.2077 hectares of prime land, once the acquisition of another 10.2385 hectares is completed, and EcoFirst is expected to sustain growth for the next 12 years.

The property developer said MBSB has supported EcoFirst in a long relationship that goes back to the development of the South City Plaza Mall in Seri Kembangan, Selangor.

“MBSB was also instrumental in acquisition of land in Ipoh, where the luxury condominium project, Upper East@Tiger Land is now located,” Tiong added. — Bernama