08 May 2014

Ekovest plans RM10.6b GDV property projects

  08 May 2014

By BUSINESS TIMES

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 over the next five to 10 years, with a GDV of RM5.6 billion and RM5 billion respectively.

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

“Piling work on the Eko Cheras project has started and the Eko Titiwangsa venture will begin soon,” he told reporters after the company’s annual general
meeting, here.

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 for it.

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

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

Meanwhile, Ekovest expects its main revenue stream this year at 40 per cent contribution to come from the construction and property development segment,
highway and toll concession (30 per cent) and the rest from other businesses.

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

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

The company claims it is still maintaining a strong cashflow and currently possesses a RM2.27 billion order book and RM1.4 billion for its third party order book.

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

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