KUALA LUMPUR: Ekovest Bhd plans to undertake a mixed development project with a gross development cost of RM293.8mil in Setapak here, by combining its existing 1.59-acre land bank with adjoining land measuring 1.16 acres.
The construction and property development firm announced to Bursa Malaysia yesterday that its unit Ekovest Properties Sdn Bhd had sealed an agreement to buy the two adjoining parcels of land from Ekovest’s substantial shareholder, Lim Seong Hai Holdings Sdn Bhd (LSHHSB), for RM26.77mil.
The purchase is a related party transaction, as Ekovest managing director Datuk Seri Lim Keng Cheng is a major shareholder and director of LSHHSB, which in turn owns 9.48% equity interest in Ekovest.
The two parcels of land are situated in Section 85, on the western side of Jalan Pahang, Kuala Lumpur.
The development order for the proj4ect was approved by Kuala Lumpur City Hall in February 2016. However, it said, an amended development order had been submitted in October with an increased plot ratio and the integration of new land.
Ekovest said the acquisition would be financed via internally generated funds and borrowings in the proportion of 30%:70%.
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