KUALA LUMPUR, 30 January 2026 — EcoFirst Consolidated said it will acquire two freehold land parcels on Penang island for RM45 million, as part of its strategy to strengthen its development pipeline and diversify earnings beyond the Klang Valley.
In a filing to Bursa Malaysia, EcoFirst said the properties, known as Bolden Land and Collins Land, are located in Penang’s Southwest district and have a combined valuation of RM49 million by an independent valuer, representing a discount of about 8% to market value based on the agreed purchase prices.
EcoFirst said Bolden Land, measuring 1.26 acres and located about 5 kilometres from the Penang International Airport in Bayan Lepas, is expected to be developed into a condominium project with an estimated gross development value (GDV) of RM163 million.
Meanwhile, Collins Land, measuring 13.46 acres and located approximately 3 kilometres from the airport, is earmarked for a residential development with an estimated GDV of RM400 million, the company said.
The acquisitions will be undertaken by EcoFirst’s wholly owned subsidiaries, EcoFirst Homes Sdn Bhd and EcoFirst Living Sdn Bhd, from two vendors currently under receivership and management.
EcoFirst said the purchase consideration will be funded through a combination of internally generated funds and bank borrowings, with development of the two projects expected to commence from late 2026 and 2027.
Shares in EcoFirst closed up half a sen, or 1.5%, at 33 sen on Friday, valuing the group at RM398.62 million. Over the past one year, the stock has declined 14.3%.
