Ekovest plans property jobs with RM10.6b GDV by 2023

KUALA LUMPUR: Construction and infrastructure group Ekovest Bhd is planning several property projects with a gross development value (GDV) of RM10.6 billion by 2023.

Managing director Datuk Lim Keng Cheng said the group plans to develop its landbank in Kuala Lumpur and Johor, with a GDV of RM5.6 billion and RM5 billion respectively, over the next five to 10 years.

“Our landbank, situated mostly near major highways, is awaiting development, especially in Kuala Lumpur.

“Piling work on the Eko Cheras project has started and the Eko Titi-

wangsa venture will begin soon,” he told reporters after the company’s annual general meeting yesterday.

Lim said Ekovest will allow its landbank in Johor, strategically situated near the coastal highway and tourist hotspot of Danga Bay, to mature before developing it and aims to attract Singaporean buyers.

The group has a 13.75ha landbank in Kuala Lumpur, 10.11ha in Johor and 4.85ha in Kuantan, Pahang.

The company will wait for more infrastructure development around its landbank in Johor before proceeding to embark on any project, and the same goes for its landbank in Kuantan.

Meanwhile, Ekovest expects the construction and property development segment to contribute 40% of its revenue, followed by highway and toll concession (30%) and the rest from other businesses.

Last year, the three segments contributed 62%, 27% and 11% respectively.

Ekovest recorded lower revenue in its financial year ended June 30, 2013 at RM66.74 million from RM84.17 million previously.

The company said it currently possesses an order book of RM2.27 billion and a third party order book of RM1.4 billion.

“We are always open to talking business because we have a lot of landbank and will welcome companies for joint ventures in the future,” Lim said. — Bernama


This article first appeared in The Edge Financial Daily, on May 9, 2014.