Ekovest lines up RM16.5b worth of projects within KL River City

KUALA LUMPUR: Ekovest Bhd will be developing 60 acres of land within the KL River City project launched yesterday, with a total gross development value (GDV) of RM16.5 billion.
The entire KL River City, which will see the rehabilitation and transformation of a 2.2km stretch of Sungai Gombak, comprises 320 acres of potential development area, with an estimated GDV of RM50 billion.
Ekovest, for starters, will be rolling out mixed development projects with a combined GDV of RM6.5 billion, namely EkoTitiwangsa, Eko Quay, EkoRiverCentre, EkoAvenue and EkoGateway, and a flood attenuation and mitigation system known as Great.
The system, which is to be constructed along Sungai Gombak, will entail a development cost of RM950 million for a period of 2½ years.
“This system will also provide an improved flood mitigation system in and around Kuala Lumpur City Centre,” Ekovest managing director Datuk Seri Lim Keng Cheng told reporters after the launch ceremony yesterday.
This will be followed by future developments with a GDV of about RM10 billion.
Lim said while 30 acres of the developmental land is from the group’s existing landbank, the remaining 30 acres comes from the government as part of a land swap.
About 20-30% of the projects will be financed with internally generated funds. “The balance we will either go for a bank loan or we welcome strategic partners who want to come in,” Lim said.
The group will seek advice on whether to opt for a private placement to raise funds.

Ekovest, which is involved in civil engineering and building works, has an order book of about RM12.5 billion which includes the Setiawangsa-Pantai Expressway, formerly known as DUKE 3. In addition, it has tendered for projects worth more than RM10 billion.
Lim said he is positive on the prospects of the property market, which he expects to rebound.
Ekovest shares gained 12 sen to RM1.17 with 71.92 million units traded yesterday. It was the third most active counter.