EcoFirst’s flagship development – the Ampang Ukay mixed development, is expected to be sharply revalued as the Cabinet is due to announce the approved MRT3 stations and interchanges within the month, sources say.

The Cabinet is at the final stages of approving the stations and interchanges for the Mass Rapid Transit 3 (MRT3) or MRT Circle Line, and following the announcement, tenders are expected to kickstart for this mega project in 2022 with all phases estimated to complete sometime around 2030.

The MRT3 is one of three planned rail lines under Klang Valley Mass Rapid Transit Project by MRT Corp.

The RM40bil MRT3 is poised to be a game changer for the construction and urban property development sectors in Malaysia, and the source said, “Expect new transit-oriented developments (TODs) that will spur new economic activity with the launch of MRT3.”

He added that the MRT3 will also be a key pump primer the construction sector, and this will be one of the important stimulants to boost the Malaysian economy back to life.

The MRT3 proposal or Circle Line will form a loop or orbital line that encircles Kuala Lumpur’s city core and will have about 10 interchange stations among the 30-plus MRT3 stations.

The line will be around 50 km long, and 40% of it will be underground. The project is expected to be built in five phases over 8-10 years.

Meanwhile on the issue of funding, it has been reported that MRT Corp is proposing to use a hybrid model to finance the MRT3 project. The private sector could be contributing up to 30% of the total funding requirement.

Should the MRT3 kick off, property players with land close to the stations are likely to be beneficiaries.

One such player would be EcoFirst Consolidated, which has its landbank in the vicinity of the upcoming Hill View MRT station in Ampang.

The source revealed that the gross development value of the Ampang Ukay project has been significantly increased to RM18bil from RM8bil previously.

EcoFirst owns the Ampang Ukay mixed development, which is a seven phased project on an 87-acres of land situated in Ukay Heights.

It is currently in the development planning stage for the next phase of its Ampang Ukay flagship, to be launched in the second half of 2022.

The property company which has seen the emergence of savvy businessman Datuk Michael Chooi Yoey Sun last month, continues with its uptrend and heavy interest.

On Monday, the company closed at 59.5 sen on volume of 25.81 million shares. The shares are now up 50% on a year-to-date basis.