By NG MIN SHEN
Ekovest Bhd’s wholly owned subsidiary, Ekovest KL Bund Sdn Bhd, has received the approval-in-principle from the government for its proposed Kuala Lumpur (KL) River City development in Gombak.
The construction company said in an exchange filing yesterday that further details will be made upon finalisation of the privatisation terms and conditions for the proposed project.
The KL River City project is a riverfront development located 5km from the Golden Triangle that will stretch 3km along the Gombak River.
It has a potential development area of some 129.5ha and will feature residential, commercial and office spaces, as well as a public park, with a focus on sustainable design and full utilisation of the landscape.
The masterplan for the development, whose project delivery partners are Ekovest and Malaysian Resources Corp Bhd, includes water taxis connected to the Titiwangsa light rail transit and monorail stations and a future Mass Rapid Transit Line 2 station.
Notably, the masterplan also includes a water system whereby flood waters will be channelled into a flood tunnel below the city, bypassing the river corridor itself.
It is situated within precincts 1 and 2 of the River of Life plan — a seven-year urban rejuvenation plan that integrates the Gombak River system with city planning, under the Economic Transformation Programme.
Spearheaded by the government in collaboration with the private sector, the River of Life project was launched in 2012 with the aim of cleaning up and resuscitating the Gombak and Klang rivers, with additional plans to redevelop the surrounding areas.
Prime Minister Datuk Seri Mohd Najib Razak had said the high-impact project is part of the government’s efforts to transform KL’s landscape to be a top liveable city and improve the quality of life in the nation’s capital.
After the River of Life project is completed, the government will allocate a RM130 million facilitation fund to Ekovest.
The fund was set up to bridge the private sector’s viability gap with regards to private investments that have strategic impact and economic spillover.
Ekovest’s shares rose four sen to RM1.21 as at 3.42pm yesterday, giving it a market capitalisation of RM2.59 billion, with 12.9 million shares traded.