KUALA LUMPUR (Oct 31): Ekovest Bhd has obtained the development order (DO) for its EkoGateway @ KL River City project, which has a gross development value (GDV) of RM2.6 billion.

The project includes the construction of 300 units of 1Malaysia Civil Servants Housing (PPA1M), which will be priced between RM150,000 and RM240,000, Ekovest said in a press release today.

It will also contain five blocks of serviced apartments and one block for a hotel and offices, all of which will sit on a total of 14.5 acres of land in the northern region of Kuala Lumpur.

With the DO secured, on-site construction can commence immediately, said managing director Datuk Seri Lim Keng Cheng.

“Part of the EkoGateway project also includes the rehabilitation of the existing Sungai Busuk, which will be connected by a riverfront promenade, cycling path and leisure boat rides to Sungai Gombak,” he added.

“Additionally, after the completion of this project, the government will allocate a total of RM130 million facilitation fund to Ekovest,” the company said.

The fund is intended to aid the private sector with respect to investments that have strategic impact and huge economic spill over, according to the statement.

At its closing price of RM2.19 per share — down 1 sen or 0.45% from yesterday's close, Ekovest had a market capitalisation of RM1.87 billion.

Source: http://www.theedgemarkets.com/my/article/ekovest-secures-do-rm26b-ekogateway-project