Ekovest confident of securing RM2.5b worth of jobs in 2018

KUALA LUMPUR (Dec 22): Ekovest Bhd said it is confident of securing at least RM2.5 billion worth of projects in the new year.

"For next year, we have tendered for RM5 billion worth of projects that are mostly infrastructure; we can easily target a 50% success rate," said managing director Tan Sri Lim Keng Cheng.

Lim added that Ekovest aims to receive the government's endorsement on Phase 2A of the Duta-Ulu Kelang Expressway (DUKE) next year.

Meanwhile, the group is also currently conducting surveys and soil improvement for its Kuala Lumpur River City project, he said.

Commenting on earnings prospects, Lim said the group's profitability next year would "definitely be better", driven mainly by its construction segment, as its projects — be it infrastructure or property development — are usually undertaken by its in-house construction unit.

As for its property development segment, Lim said the group will be more inclined towards building affordable homes in the near future.

He, however, stressed that the group will be more infrastructure-centric next year.

Lim was speaking to reporters at the opening ceremony of its newly completed elevated U-Turn at EkoCheras.

EkoCheras is the group's 12-acre mixed-use development on Jalan Cheras, comprising serviced apartments, office suites, hotel suites and a shopping mall, with a combined gross development value (GDV) of RM2.11 billion.

As of today, the project is 70%-completed. It will be delivered next year starting with the EkoCheras Mall, said Lim.

"Despite all the negative sentiments in regards to the oversupply of malls in Klang Valley, we believe the demand is still very encouraging," Lim added.

The opening of the elevated U-Turn is expected to ease traffic flow around the area from Jalan Cheras towards Kuala Lumpur City Centre and also onto the MRR2 towards Ampang and Setiawangsa.

Its construction was funded by the Public Private Partnership Unit (UKAS) under the Facilitation Fund at RM80.5 million.

Ekovest's share price closed up 2.5 sen or 2.73% at 94 sen, valuing the group at RM1.97 billion. — theedgemarkets.com

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