Lim Kang Hoo, a prominent Malaysian property tycoon, is poised to maximize the potential of his substantial land holdings in Johor, a region gaining traction due to intensifying economic relationships between Malaysia and Singapore. Johor is set to host a new special economic zone, significantly elevating its investment appeal.
In 2022, Lim’s company, Ekovest Construction, part of the publicly traded Ekovest, secured a contract worth nearly 2 billion ringgit ($422 million) to construct a railway connecting Malaysia and Singapore. This project has progressed swiftly, with two-thirds already completed.
Further capitalizing on this momentum, Lim unveiled a restructuring initiative in September that aims to amalgamate his privately held entities, Knusford and Iskandar Waterfront Holdings, with the publicly listed Iskandar Waterfront City (IWC), all under the umbrella of Ekovest. This strategic consolidation led to significant increases in the stock prices of Ekovest and IWC, which soared by 29% and 128%, respectively, thereby augmenting Lim’s net worth to $595 million.
March brought news that IWC plans to invest close to $1 billion in developing two mixed-use projects and a waterfront township along a 25-kilometer stretch facing the Straits of Johor, promising to transform the area into a bustling hub of commerce and lifestyle.
