EcoFirst's RM145mil land acquisition in Gombak delayed

EcoFirst Consolidated Bhd said the acquisition of 25ha of freehold land in Ulu Klang, Gombak, worth RM145mil, had been delayed by three months due to technical issues on land alignment.

In a statement yesterday, the property developer said that the extension was mutually agreed with the vendor, Zurich Insurance Malaysia Bhd.

“The extension of full payment on balance purchase consideration is due to further clarification and information pending from the relevant authorities pertaining to land acquisition and alignment arising from the development of Sungai Besi-Ulu Kelang Elevated Expressway connecting to Middle Ring Road II (MRR2) Highway,” it said.

It said the planned elevated highway would positively affect certain parts of the land that front the Ulu Kelang portion of the MRR2.

“This would in turn affect EcoFirst’s proposed development plans of which the board and the management will take appropriate steps and make necessary changes," it said.

Chief executive officer Datuk Tiong Kwing Hee said once the land was acquired, it will be the jewel in EcoFirst's crown, as it is one of the few parcels left in the Klang Valley. – Bernama