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Saturday, March 11, 2017

EKOVEST wants to be development partner of Bandar Malaysia (The Edge)

Author: moneySIFU | Publish date: Sat, 11 Mar 2017, 06:54 PM

Ekovest Bhd has submitted a proposal to become a development partner of Bandar Malaysia, said managing director Datuk Lim Keng Cheng.

“They [Bandar Malaysia Sdn Bhd] are requesting proposals from local developers to identify development partners for the project, and we have submitted our proposal,” Lim told reporters after the company’s annual general meeting (AGM) today.

“We will participate in the project if we have the opportunity. We are not ruling out any possibilities,” he said, adding that the outcome of the proposal submissions would be disclosed next year.

The 486-acre development in Sungai Besi, Kuala Lumpur is a mega project with an estimated gross development value (GDV) of RM200 billion.

Due to Ekovest’s executive chairman and substantial shareholder Tan Sri Lim Kang Hoo’s stake in Bandar Malaysia, the directors have, at the 31st AGM today, proposed a renewal of shareholders’ mandate for recurrent related party transactions to pave the way for the company’s participation in the Bandar Malaysia development, he said, adding that the resolution was subsequently approved.

Kang Hoo is the executive vice-chairman of Iskandar Waterfront Holdings Sdn Bhd which owns 60% of Bandar Malaysia Sdn Bhd together with China-based China Railway Engineering Corp.

Phase 1 of Bandar Malaysia is expected to start next year and will cost between RM50 billion and RM60 billion. This phase will sprawl over 100 acres and is expected to be completed in six to eight years.

Meanwhile, Keng Cheng said Ekovest will launch EkoGateway @ KL River City in the second quarter of next year.

The project will be located in precinct 1 of KL River City, which spans across a 3km stretch along the Gombak River and is located 5km off the city’s golden triangle.

EkoGateway @ KL River City is a mixed development with a GDV of RM2.6 billion. The 14.5-acre project will comprise a shopping mall, hotel and over 2,000 residential units.

“The residences will have built-up sizes from 600 sq ft to 1,000 sq ft and these units will be priced below RM1 million,” he said.

EkoGateway @ KL River City will be developed over three phases and is expected to be completed by 2022.

Keng Cheng also noted that Ekovest Bhd will buy more land in the vicinity of the River of Life project.

Currently, the company has a landbank of 76 acres in the Klang Valley, Johor Bahru and Kuantan with an expected GDV of RM7.8 billion.


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