EcoFirst Consolidated Bhd has announced the acquisition of two freehold land parcels on Penang Island for a total consideration of RM45 million, as part of its strategy to expand its development pipeline and diversify earnings beyond the Klang Valley.

In a filing with Bursa Malaysia, the group said the properties, known as Bolden Land and Collins Land, are located in the southwest district of the island and were valued at a combined RM49 million by an independent valuer, representing an estimated discount of about 8% to market value based on the agreed purchase prices.

Bolden Land, measuring 1.26 acres and located about 5km from Penang International Airport in Bayan Lepas, is proposed for a condominium development with an estimated gross development value (GDV) of RM163 million.

Meanwhile, Collins Land spans 13.46 acres and is situated roughly 3km from the airport. The site is earmarked for a residential development with an estimated GDV of RM400 million, with both acquisitions to be undertaken by EcoFirst’s wholly owned subsidiaries and funded through a combination of internally generated funds and bank borrowings.