EcoFirst Consolidated Bhd said the company's latest serviced apartment project, KL48 in Chan Sow Lin, Kuala Lumpur, is "considered cheap" when compared to other projects in the area, which are selling for around RM900 per sq ft (psf).
Its chief executive officer Datuk Tiong Kwing Hee said that the company always sets its prices competitively in contrast to other properties in the surrounding area, taking into account Bank Negara Malaysia's multiple revisions of the overnight policy rate.
KL48 has a gross development value (GDV) of RM1 billion and spans 1.69 hectares of freehold land.
This is EcoFirst's first development since the Covid-19 pandemic.
It consists of two 47-storey towers with a total of 1,700 units in three different layouts with built-ups ranging from 650 to 805 square feet. Prices begin at RM503,000, or RM725 per square foot.
The project also includes nine retail spaces.
EcoFirst has had a positive response for the first tower of 750 units, with about 600 units already reserved.
Tiong xpects to sell more than 90 per cent of the units by the end of this year thanks to the reasonable selling price.
Construction is currently in the piling and groundwork stages, with completion scheduled for the second quarter of 2027.
EcoFirst signed a financing agreement with AmBank group for the construction of KL48 last week.
Tiong said that the partnership with AmBank indicates the banking fraternity's confidence in EcoFirst's strength and growth potential.
"We strongly believe the financing facility from AmBank will help us meet our financing requirements and enable us to bring KL48 a step closer to becoming a lifestyle enclave for aspiring homebuyers," he said.
Commenting on the project financing facilities, AmBank Group managing director of business banking Christopher Yap said that AmBank Retail Banking is also providing the project's end-financing besides its development financing.
"AmBank is also looking into expanding its facilities to EcoFirst's business partners including their contractors and suppliers," he said.
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