newrooms2009
EcoFirst land bank fast expanding
02 May 2015 (The Star)
EcoFirst - a sleeping stock no more
14 February 2015 (The Star)
Turnaround Success - How EcoFirst Managed To Change Its Fortunes After Eight Years in the Red
08 July 2014 (International Business Review)
Sultan Johor officiated the signing ceremony of 1Segamat Grand Opening
25 August 2013 (星洲日報)
Dato’ Tiong Kwing Hee was awarded “Built-To-Last Award” in APELA 2013
14 March 2013
New 1Segamat mall attracts 45,000 patrons a month
11 May 2012 (The Edge)
Putting EcoFirst back on its feet
15 January 2012 (www.theedgeproperty.com)
翻新轉型成The Scope 華南城邁向批發城
07 January 2012 (中國報)
阿布:設一站式中心‧昔縣會批審可再加快
23 December 2011(星洲日報)
Ecofirst mulls venture into plantations
25 November 2011 (The Edge Financial Daily)
EcoFirst poised for new growth phase
31 November 2011 (The Edge)
The Academia banks on student housing
26 August 2011 (The Edge)
Ecofirst returns to the black in 3Q, boost from writeback
28 April 2011 (The Edge)

華南城(South City Plaza)將以“翻新”、“重新建立品牌”及“重新定位”的概念,朝批發城目標邁進。


轉型,是將一個地方的繁榮升級的最佳方式,將消費者目光聚集于特定領域,帶動地方發展。

華南城(South City Plaza)坐落于斯里肯邦安,正逐步轉型為“The Scope”批發中心,採取囊括“翻新”、“重新建立品牌”及“重新定位”等3大要素在內的3R概念,結合學術教育、娛樂及零售批發業務,矢志讓消費者享有不同的購物體驗。

該公司集團總執行長兼執行董事拿督張建飛說,隨著政府開放紐文(Nouvelle)酒店前的第二通道,成功解決了華南城面對的交通窘境。

 他指出,該廣場于2009年推出“教育城(Edu-Mall@South City Plaza)”概念,初步引入世紀大學及國際健康科學學院(ICHS),日前更引進大馬亞太科技大學學院(UCTI),並已建設2棟、每棟13層的學生宿 舍大樓,供約2700名來自博特拉大學(UPM)的海外學生入住。

可容納330店舖
該廣場首階段轉型工程將從廣場底層向上延伸,建立3層樓的娛樂中心;底層為美食街,第2及3層料將設有12個播映廳,並備有3D電影播映廳及THX音響系統,每月顧客流量料可達8萬人。

該廣場可容納330家店舖,第3層更設有30條球道的保齡球場等,可迎合不同年齡階層的購物、休閒娛樂、美食及學習等需求。

此外,該廣場重新定位,朝批發城的方向邁進,設立“The Scope”批發中心,為學生及零售商提供採購貨源的管道。

料逾850批發商進駐華南城樓高5層,建築面積及可出租面積分別達120萬及80萬平方尺。其中,“The Scope”批發中心將以面積達22萬6000平方尺的廣場地下層為起點,除了巨人霸市及國際健康科學學院外,其余空間將規劃成批發城,共分5區,每單位 面積介于180至逾1000平方尺,料吸引逾850家批發商進駐。

率先推出第1及第5區單位反應熱烈,目前已全數租出,接下來則將為第2區單位進行招租,促銷期間,每平方尺月租僅2令吉,設有全玻璃正門及冷氣系統,並已完成燈光安裝及地板鋪設工程,商家可隨時遷入營業。

該廣場設有2000個泊車位,並將投放50萬令吉,充當推廣批發城的媒體宣傳活動資金


依斯邁阿布(右2起)移交入伙准證給張健飛。(圖:星洲日報)

(柔佛‧昔加末22日訊)昔加末縣議會主席依斯邁阿布表示,縣議會一站式中心的批審速度應該還可以加快。

他表示,儘管今年的各項申請有不少比指定時間更快完成處理工作,但他認為現有的速度仍有待加快。

依斯邁阿布今日出席昔加末第一廣場與商家簽署租約的儀式時指出,一站式中心設立的原因是為了確 保每一項申請都能在指定時間,即57天內完成處理工作。截至今年11月為止,縣議會共接獲58項建築物申請,其中49項已經被批准。在這49項獲批的申請 中,其中40項在少過57天之內完成處理工作。

他補充,在工地圖測方面,縣議會今年也接獲39項申請,其中86%申請的處理工作是在少過57天之內完成。

“不過,我認為目前的處理工作仍可以更快捷。過去,一站式中心每月開會一次,但接下來將改為每月召開兩次會議,以加速整個處理過程。”


昔縣第一廣場助留人才
依斯邁阿布表示,昔加末人口外流問題嚴重,許多年輕人因為就業機會而往外發展,昔加末第一廣場開始營業後將提供800個就業機會是件好事。

他也提到,昔加末過往缺乏娛樂場所,昔加末人不管是看戲、打保齡球都必須前往其他縣屬。昔加末第一廣場開始營業後,昔加末人就可以不必每次都耗費數小時到其他縣屬看戲或打保齡球了。

他今日也移交該廣場的入伙證給代表該廣場的EcoFirst Consolidated公司首席執行員拿督張健飛。

昔加末聞人丹斯里陳孟通、利民達區州議員拿督李煌治、拿督蔡樹民和昔加末縣議員也出席了今日的簽署儀式。(星洲日報/大柔佛)

Ecofirst mulls venture into plantations

2011-11-25 (The Edge Financial Daily)

Written by Chong Jin Hun

SUBANG JAYA: Ecofirst Consolidated Bhd is considering oil palm plantations in Indonesia as part of its future growth strategy.


CEO and executive director Datuk Tiong Kwing Hee said the group — with a diverse portfolio in property development and investment, construction and mining — may consider acquiring established or new plantation tracts within Indonesia’s Kalimantan, Sumatra or Java enclaves.

However, it is not a top priority at the moment. “It may happen or may not happen,” Tiong told The Edge Financial Daily after Ecofirst AGM yesterday.

He said the planned plantation venture will come “last” as it will be a capital-intensive business. Hence, the immediate priority is still property development, which has a faster turnaround time to generate the necessary cash flow to potentially finance the plantation aspiration.

Tiong said should Ecofirst acquire brownfield plantation assets or planted tracts, it may finance the purchase with cash and shares. This is to prevent Ecofirst from stretching its balance sheet further, he said. “Greenfield is cheaper. But in general, we need deep pockets to venture into plantations.”


Ecofirst’s substantial shareholders as at Sept 30 include Teoh Seng Kian (12.44%), Teoh Seng Aun (10.81%) and Purewise Sdn Bhd (7.4%).

Tiong: We need deep pockets to venture into plantations.
The group’s intention to venture into oil palm plantation in Indonesia coincides with its plans to expand its mining operations there.



According to Tiong, Ecofirst which has existing iron ore mining operations in Kalimantan, plans to acquire more iron ore mines or tracts with other mineral reserves in Indonesia. He said the group could spend US$10 million (RM31.9 million) on each mine, including the cost of setting up a processing plant and other infrastructure.


In August 2010, Ecofirst signed a cooperation agreement with Indonesia-based CV Geo Mineral Resources (CV GMR) to undertake iron ore mining within Kalimantan’s Tanah Laut Regency enclave. Under the deal, CV GMR agreed to share 60% of the iron produced with Ecofirst.

“The prospects are very good,” Tiong said. This takes into account the cost of extracting, processing and transporting iron ore at US$50 a tonne in Indonesia where the commodity is traded at US$100 a tonne.

On the existing JV with CV GMR, Tiong said Ecofirst had forked out RM4 million to undertake mining operations in Kalimantan. He said the processing plant has been commissioned and the facility is undergoing tests. The plant is scheduled to begin operations during the financial year ending May 31, 2013 with an annual capacity of 500 tonnes for a start.

Tiong expects Ecofirst to register a higher net profit in the current year ending May 31, 2012, helped mainly by its property division.

Other than development activities, Ecofirst’s property division includes two retail malls — 1Segamat in Segamat, Johor and South City Plaza in Seri Kembangan, Selangor. Rentals from both malls will form a major source of recurring income for the group.

Tiong said the group, which develops properties in Ipoh, may also consider other parts of the country. He did not elaborate, only indicating that the company is looking at a gross profit of RM20 million to RM 30 million for each property project.

Despite Ecofirst having turned around its fortunes, Tiong said the group has no immediate plans to declare dividends as it needs the cash flow to sustain its earnings momentum.

“But I will still consider rewarding shareholders with dividends,” he said, adding that Ecofirst also has no immediate fundraising plans.

Ecofirst’s latest financials have improved. It posted a net profit of RM2.03 million or 0.31 sen per share in the first quarter ended Aug 31 this year versus a net loss of RM2.12 million a year ago, helped by income from its property division. Group revenue more than doubled to RM14.92 million from RM6.03 million previously.

Under Tiong’s stewardship, Ecofirst has leapt into the black with a net profit of RM8.8 million in the financial year ended May 31, 2011. This followed net losses in the preceding four fiscal years.

Tiong recalled it was tough when he assumed the CEO post in January 2009 as he did not know where to start on rejuvenating the group.

A crucial concern then was that the group’s operations could not sustain its debt level, which prompted Tiong to reorganise the borrowings in which loans from some lenders were fully settled while credit lines from two other banks were restructured.

“I have frozen all the borrowings of Ecofirst,” he said, indicating that cost planning and cost cutting would be crucial to rebuild the group’s financials.

As at Aug 31, Ecofirst had a net debt of RM129.94 million, which translated into a net gearing of 1.1 times based on its shareholders’ funds of RM119.4 million.

The stock closed at 18.5 sen yesterday, giving it a market value of RM120.3 million.

EcoFirst poised for new growth phase

2011-10-31 (The Edge)

Written by Yantoultra Ngui Yichen of theedgeproperty.com

Monday, 31 October 2011 14:00 - Last Updated Monday, 31 October 2011 14:06

KUALA LUMPUR: EcoFirst Consolidated Bhd has finally got its motor running after seven years of being in the red.


The Main Market-listed company, which has just turned around with a net profit of RM8.67 million for its financial year ended May 31 (FY11), is poised to chart a new chapter of growth, said group CEO and executive director Datuk Tiong Kwing Hee.
Among the new developments in the company are the revival of the long abandoned retail mall in Segamat, Johor; new property development projects — The Academia at South City Plaza and Taipan commercial centre at Ipoh — and its venture into iron ore mining in Indonesia, according to Tiong.


"There is a lot of potential for growth now. Even with the current global economic uncertainties, we will not be affected. When I took over (EcoFirst in 2009), the company was all below ground. Then I brought it to above ground and the only way to go next is up," he told The Edge Financial Daily in a recent interview.


Established in 1973 and formerly known as Kumpulan Emas Bhd, EcoFirst is a diversified group with business in property, construction, agriculture, network marketing and mineral resources.
While the past decade has been anything but golden for the group, it is now forging a new identity and business direction with a new CEO — and with some results to boot.


Indeed, the company recently made new headway under the helm of Tiong. It resumed construction of a retail mall in Segamat that it had abandoned for almost nine years, said Tiong.

Branded as 1Segamat, the complex is expected to open for business in December 2011 and will become a major revenue contributor to the group in the future, he added.


"With the 1Segamat project coming on-stream, I foresee revenue contribution from property management to the group will go up to 40% (from the current 25%) in the next financial year," said Tiong, adding that the retail mall could fetch a valuation of up to RM80 million when it is completed.


"Once an anchor tenant is secured, we will get about 85% to 90% occupancy rate. And the income will come in three months after it opens (in December). We don't collect rental in the first three months to give our tenants a boost in confidence," he said.


Situated near the Segamat bus station and taxi terminal, 1Segamat complex comprises three shopping levels with a gross area of 450,000 sq ft and two levels of car park. The complex has secured an occupancy rate of 75%, with tenants that include Lotus Five Star Cinema, Popular bookstore and Watson's personal care store, said Tiong.


According to him, EcoFirst spent a total of some RM34 million to develop the only mall in Segamat.


In addition, the company plans to revamp its South City Plaza at Seri Kembangan and bring the retail mall to the next level with the construction of two blocks of 13-storey serviced apartments and commercial space named The Academia to attract a bigger crowd to the mall.


"The take-up rate (for The Academia) is good. We have also recently signed an agreement with UPM (Universiti Putra Malaysia) to place up to 3,000 of its overseas students to live here," Tiong said, adding that the company would start to recognise profit from the development starting FY12.


"The GDV (gross development value) of The Academia is around RM100 million to RM120 million and we expect to gross in some RM40 million. The profit will be used to repay borrowings and plough back to redevelop South City Plaza," he said.
Tiong said the construction of The Academia is expected to be completed by the middle of next year and EcoFirst plans to invest some RM10 million to build a 12-hall cineplex in the existing mall.


"We have talked to a few parties and Lotus (Five Star Cinema) says it can guarantee drawing a total of 60,000 visitors a month. With the 12 halls, South City Plaza would house one of the biggest cinemas in the south of Kuala Lumpur," he said.


The Academia aside, EcoFirst's wholly owned subsidiary Curah Bahagia Sdn Bhd is currently developing a commercial property project — Taipan @ Ipoh Cybercentre — with a GDV of some RM300 million, which will keep the company busy for another three years.


Profit contribution from Curah Bahagia is expected to come in during FY12.


Meanwhile, EcoFirst's construction arm has recently been short-listed as one of the contractors for the upgrading works of army camps in Malaysia.
"We are confident of getting three or four of the 100 camps," he said, adding that the upgrading of one camp could amount to some RM20 million. EcoFirst's construction arm currently makes up some 25% of its total revenue, according to Tiong.


One of the noteworthy developments of EcoFirst's business plans is its recent venture into mineral resources business.


Its wholly owned subsidiary Opal Horizon Sdn Bhd had on Aug 5, 2010 entered into a co-operation agreement with CV Geo Mineral Resources for the exploitation of an iron ore mine in South Kalimantan, Indonesia.


The mining operations started last month after the machinery and processing equipment were installed and commissioned in July 2011, according to EcoFirst's notes accompanying its announcement to Bursa Malaysia.


"We only spent some US$1 million (RM3.08 million) to buy the mines with all the machinery being installed. We think within a year of operations, we can get back our money and the balance in the years to come is all profit. But we will just stop there, we are also looking at other mines too," said Tiong.
In terms of its network marketing division, he said the unit is in midst of developing and commercialising some health products such as black garlic. Its agro-biotechnology unit is currently exploring the planting of organic agarwood on its 1,000-acre farm in Desaru, Johor.


All in all, Tiong said the group would use its internally generated funds to finance its business plans as much as impossible without resorting to borrowings.


EcoFirst had disposed of its then 19.86% stake, comprising 17.69 million shares, in education services provider SEG International Bhd (SEGi) for RM30.6 million cash in March 2010 to part-repay its borrowings. In retrospect, the timing of the sale was bad for EcoFirst, as SEGi's shares surged some 10 times just months later as the education company started to turn around strongly.


At as May 31, EcoFirst had RM105.39 million long-term borrowings, RM27.63 million short-term borrowings and RM3.45 million cash, translating into a net debt of RM129.57 million. Based on its shareholders' fund of RM118.62 million, the company's net gearing amounted to some 1.09 times.


The company made a net profit of RM8.68 million for FY11 versus a net loss of RM41.4 million for FY10 on the back of 18.5% increase in revenue to RM24.98 million from RM21.07 million. Earnings per share was 1.38 sen versus loss per share of 6.36 sen previously. EcoFirst closed at 15 sen last Friday, which was some 17.8% discount to its net asset per share of 18.25 sen as at May 31. At this price the company has a market capitalisation of RM97.5 million.


With the upcoming business developments, things could be a bit hectic for EcoFirst to digest. But it will be interesting to see how this company that has just returned to profitability after seven years of struggling in the red can chart new growth ahead.


The Academia is Seri Kembangan offers a GRR of 8% per annum.

The Academia banks on student housing

Friday, 26 August 2011 (The Edge)

Written by Wong Mei Kay

KUALA LUMPUR: The Andaman Group’s recently launched The Academia project in Seri Kembangan, Selangor will be used as accommodation for students from University Putra Malaysia (UPM) in Serdang, said the company’s head of sales and marketing.

With a gross development value of RM105 million, The Academia is sited on top of South City Plaza mall, developed by Pujian Development, a subsidiary of Ecofirst Consolidated.

The Academia consists of two apartment blocks. Block A consists of 17 storeys and houses 285 units while Block B has 16 storeys and houses 131 units.

Prices are from RM176,800 to RM500,000. The units for Block A have built-ups from 566 sq ft to 987 sq ft while Block B units are between 691 sq ft and 1,241 sq ft.

All units from Block A have been sold out since their launch in July and there are only 20 left in Block B.

The units come with a guaranteed rental return (GRR) of 8% per annum for the first three years with an option to renew for the next seven years (3+3+4).

The Academia is Seri Kembangan offers a GRR of 8% per annum.

The GRR is computed based on the purchase price minus the interior furnishing cost of RM20 psf. Adjustments will be duly made after every term according to market rate, said Datuk Dr Vincent Tiew, head of sales and marketing.

Tiew told The Edge Financial Daily that the company had signed a 10-year memorandum of understanding with UPM in Serdang to lease all the units to its students. The units will be leased like a hostel upon the project’s completion in September 2012.

Other educational institutions within the vicinity include the International College of Health Sciences, SEGi Seri Kembangan Training Centre, Akademi Antarabangsa Clipso (AAC) and Clipso Hair Art Saloon.

Amenities include a multi-purpose hall, swimming and wading pool, tennis court, barbeque area, jogging track as well as a playground. Each unit comes with a car park bay.

Tiew said with the varied range of sizes and prices available, The Academia managed to cater to different groups of investors with different budgets and investment appetites.

“This is one of the fastest growing locations in the Klang Valley, especially with various other new developments in the vicinity. That plus strong economic activities in the surrounding area augur well for the future of this particular locale. We foresee capital appreciation of at least 30% upon completion of The Academia,” he said.

He said the Andaman Group plans to launch new projects up to RM1 billion until the end of the year. Next is the Taipan Festival Mall in Ipoh.

Andaman’s works in recent years are Casa Subang in USJ as well as Cova Square, Cova Villa, Cova Suites and Casa Residenza in Kota Damansara. Current projects are The Arc in Cyberjaya, Diamond Square in Serdang and Taipan at Ipoh Cybercenter.

The Academia is accessible via the KL-Seremban Highway, Sungai Besi Expressway and Silk Highway. The leasehold development is also close to The Mines Shopping Fair, The Mines Golf and Country Club, the Selangor Turf Club and the Palace of The Golden Horses.

This article appeared on the Property page, The Edge Financial Daily, August 26, 2011.


Ecofirst returns to the black in 3Q, boost from writeback

Thursday, 28 April 2011 21:36 (The Edge)

Written by Joseph Chin of theedgemalaysia.com


KUALA LUMPUR: Ecofirst Consolidated Bhd returned to the black in the third quarter ended Feb 28, 2011 with net profit of RM7.95 million compared with net loss of RM12.32 million.

It said on Thursday, April 28 the better performance was due to a RM32.4 million writeback of doubtful debt provisions less losses on revocation of properties of RM20.5 million.

Rrevenue fell 46% to RM2.87 million from RM5.33 million. Earnings per share were 1.22 sen versus loss per share of 1.89 sen.

For the nine months, it reported net profit of RM2.41 million compared with net loss of RM19.51 million in the previous corresponding period. Revenue declined 29.8% to RM12.90 million from RM18.38 million.

Ecofirst said the group was undertaking a management revamp for its retail mall in Seri Kembangan to improve its performance.

“The development of two tower blocks of service apartments on top of the existing mall which is expected to commence by middle of this year, is also expected to augment improvement of the mall’s performance,” it said.

The company said the construction of the group’s other retail mall in Segamat was expected to be completed in the first quarter of the next financial year (1Q ending Aug 31, 2011).

“We have so far received encouraging response on the leasing of retail space at the mall and are optimistic of achieving more than 85% occupancy by the time the mall is opened for business in the second quarter of the next financial year (ending Nov 30, 2011),” it said.

As for the production of iron ore via its investment in south Kalimantan, it said there would be a delay to the next financial year. The earlier plan was in the second half of this financial year ending May 31, 2011.

“The causes of delay are mainly due to relocation of processing site arising from local requirements and also rainy conditions which delayed the installation and commissioning of the machinery and processing equipment,” it said.

Mr Tiong Kwing Hee was awarded the prestigious Golden Bull Award 2009 at Genting International Convention Centre on 16 October 2009 in recognition of his outstanding performance and achievements.
 
April Lim
(Business Development Manager)

April Lim joined Ecofirst Consolidated Bhd as the Business Development Manager early year 2011. She obtained her Bachelor of Arts from University of Malaya and exposed herself in various aspects of business development for more than ten years.
 
Wong Cheng Yee
(Assistant Complex Manager)

Ms Wong Cheng Yee joined Tashima Development Sdn Bhd on 17 January 2010 as Assistant Complex Manager of 1 Segamat Shopping Complex at Segamat, Johor. She graduated from Coventry University, United Kingdom by obtaining BA ( Hons ) in Business Administration and has more than 17 years of experience in various industries such as leading hypermarket retail industry, international chain hotel industry, tertiary education industry, education loan and financing industry, palm oil industry, remarkably in handling the pre-opening team until smooth running of the full operation successfully in various departments.