EcoFirst secures about RM190m financing from MBSB

KUALA LUMPUR: EcoFirst Consolidated Bhd, through its wholly-owned subsidiary EcoFirst Hartz Sdn Bhd, has secured financing facilities of RM189.95 million from Malaysia Building Society Bhd (MBSB), to be used for the purchase of land and the development of its RM5 billion Ampang Ukay project.
The two components of the financing facility are an Islamic term loan of RM101.5 million to part-finance the purchase of 62 acres of land in Ulu Klang, Selangor as part of the Ampang Ukay project, as well as an Islamic financing facility of RM88.45 million that consists of additional Islamic term financing of RM15 million, Islamic bridging financing of RM66.85 million and an Islamic financial guarantee of RM6.6 million.
EcoFirst CEO Datuk Tiong Kwing Hee said the financing facility will enhance its capabilities to achieve its vision of Ampang Ukay, as Kuala Lumpur's Little Hong Kong, offering retail convenience and amenities.
MBSB and EcoFirst's funding relationship date back to the development of EcoFirst's shopping mall South City Plaza in Seri Kembangan, as well as EcoFirst's acquisition of land in Ipoh, where the luxury condominium project Upper East @ Tiger Land is now located.