EcoFirst Consolidated Bhd is broadening its development footprint outside the Klang Valley after agreeing to acquire two freehold land parcels on Penang Island for a combined consideration of RM45 million. The move forms part of the group’s strategy to strengthen its future project pipeline and diversify earnings geographically.
In a filing to Bursa Malaysia, the property developer said the two sites — commonly referred to as Bolden Land and Collins Land — are located in Penang’s Southwest district, near Bayan Lepas. An independent valuation placed the combined market value of both parcels at approximately RM49 million, translating into an acquisition discount of about 8%.
The Bolden Land parcel spans approximately 1.26 acres and is situated about five kilometres from Penang International Airport. EcoFirst expects the site to be developed into a high-rise residential project with an estimated gross development value (GDV) of RM163 million.
Meanwhile, the larger Collins Land, measuring 13.46 acres and located roughly three kilometres from the airport, is planned for a broader residential development with an estimated GDV of RM400 million.
Both acquisitions will be carried out through EcoFirst’s wholly owned subsidiaries — EcoFirst Homes Sdn Bhd and EcoFirst Living Sdn Bhd — with the vendors currently under receivership and management.
EcoFirst said the purchases will be financed through a mix of internally generated funds and bank borrowings. Subject to approvals and market conditions, development activities for the two Penang projects are expected to begin from late 2026 through 2027.
The company’s expansion into Penang reflects a broader trend among Klang Valley-based developers seeking growth opportunities beyond their traditional markets, amid tighter land supply and rising costs in core urban areas such as commercial property in KL and mature townships across Selangor.
While EcoFirst is extending its presence outside the Klang Valley, Kuala Lumpur and Selangor remain central to Malaysia’s property ecosystem. Limited availability of well-located land continues to support demand for industrial land in Selangor, industrial property in the Subang area, and strategically positioned assets such as factories in Puchong.
Similarly, decentralised office hubs — including office space in Bukit Jalil — are gaining attention as businesses seek cost-efficient alternatives to the traditional city core. These dynamics have encouraged developers to balance portfolio diversification with continued exposure to established employment and logistics corridors.
EcoFirst shares closed half a sen higher, or 1.5%, at 33 sen on Friday, giving the company a market capitalisation of approximately RM398.6 million. Over the past 12 months, the stock has declined by about 14.3%, reflecting broader market volatility and cautious investor sentiment toward the property sector.
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