EcoFirst acquires land for a RM1 2bil GDV project thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR (Jan 18): Property developer EcoFirst Consolidated Bhd, through its wholly-owned subsidiary Opal Horizon Sdn Bhd, is buying seven parcels of land in Sungai Buloh, Selangor for a combined RM70 million.
The land, which Opal Horizon entered into a conditional sale and purchase agreement (SPA) with Radiant Nature Sdn Bhd (RNSB), is intended to be developed into a mix development project with an estimated gross development value (GDV) of more than RM550 million, which is slated to commence by the end of this year.
The purchase of the land will be settled partly by cash of RM49 million and an issuance of 60 million new shares at the issue price of 35 sen per share to RNSB, worth RM21 million, according to a filing with Bursa Malaysia today.