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KUALA LUMPUR (July 18): Ekovest Bhd is set to generate an additional RM9 billion worth of property development projects from a 30-acre land swap deal from the government at the River of Life (ROL) project, Ekovest managing director Datuk Seri Lim Keng Cheng told the media after the launch of the KL River City project, part of the ROL development, today.
The land swap deal will see the total gross development value (GDV) of Ekovest’s projects in ROL increase to about RM16 billion and a total of 60 acres.
“This will amount to 10 times the cost of land given to us,” said Lim.
Currently, the company owns 30 acres of land in ROL with a GDV of RM6 billion. Besides KL River City, the other projects by the developer in the area include EkoTitiwangsa, EkoRiverCentre, EkoGateway, EkoQuay and EkoAvenue. Currently, EkoTitiwangsa is the only ongoing project on site.
EkoTitiwangsa comprises three blocks of freehold serviced apartments with a total of 696 units with built-ups ranging from 820 sq ft to 1,340 sq ft. Phase 1 of the project comprising 270 units was launched in June 2015 and is currently 45% sold to date.
The KL River City will see the rehabilitation and transformation of a 2.2km stretch site of the Gombak River. The upper deck of KL River City will be a space for business activities while the lower deck will be used to channel flood waters into a tunnel below the city. The project is set to be completed in two and a half years.
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