Ekovest To Launch Project Worth RM2.3 Billion By End Of 2015
Date：2015/03/16
![]()
KUALA LUMPUR -- Property developer Ekovest Bhd plans to launch a mixed commercial development project, Eko Gateway with a gross development value of RM2.3 billion by the end of the year.
Its managing director, Datuk Lim Keng Cheng said the project would mark another milestone for the company as the second phase of the Duta-Ulu Klang Expressway (DUKE), currently under construction, would pass underneath Eko Gateway's properties."The project, which has a gross development cost of about RM1.2 billion, will have six buildings consisting of residential and office towers, as well as a shopping mall," he told reporters at the launch of EkoCheras hotel and office suites here Saturday.
The Eko Gateway is expected to be completed in 2021.Lim said despite talks of weak property demand, EkoCheras hotel and office suites received an encouraging take up rate from buyers.Fifty per cent out of the 260-room hotel and 40 per cent of the 105 unit-office suites were sold in just an hour after they were open for sales this morning.
On phase two of DUKE's development, Lim said the construction between Sri Damansara and Segambut is already 34 per cent completed.
"It is slightly ahead of schedule and we are confident that Kesturi (Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd) will be able to complete it by December 2016," he said. Kesturi, a wholly owned unit of Ekovest, is the concession holder of DUKE.
On Ekovest's current financial year ending June 30, 2015, Lim believes the company would post favorable results, supported by its property development activities, particularly from EkoCheras and DUKE projects.
"We are confident of posting positive financial year performance for the next three years," he said.
For its construction segment, Ekovest has an order book of RM2 billion, unbilled sales amounting to RM300 million, and 23.87 hectares of landbank in Kuala Lumpur and Johor.
Lim said the company would continue to focus on developing existing land and expanding its landbank, particularly in Kuala Lumpur.