Under the Kuala Lumpur River City (KLRC) project, the government will trade 30 acres of land with property developer Ekovest Bhd, in return for rehabilitation works of the first 2.2 kilometres of a 10-kilometre stretch of the Gombak river.
Ekovest managing director Datuk Seri Lim Keng Cheng estimates the development on the land to potentially generate a gross development value (GDV) of more than RM9 billion, which is 10 times the cost of the land given, as reported by The Edge Financial Daily. Currently, Ekovest has several of its own property projects on a combined 30 acres within the area.
Work on the 2.2-kilometre river stretch will include the construction of the RM950 million non-mechanical Gombak River Enhancement and Tunnel System (GREAT), which is expected to be completed in two-and-a-half years.
Aside from beautifying the river bank and creating picturesque landscapes, the development also intends to foster a thriving riverfront scene, as part of the larger River of Life project nder the government’s Economic Transformation Programme for Greater KL. — Construction+ Online