Kerjaya Prospek secures RM332mil building works order

KUALA LUMPUR: Kerjaya Prospek Group Bhd's unit has secured a RM332mil contract for the main building works of a proposed development in Jalan Kia Peng, Kuala Lumpur.

The contract, received by Kerjaya Prospek (M) Sdn Bhd, was awarded by Patsawan Properties Sdn Bhd, an indirect joint venture between Eastern & Oriental Bhd with Mitsui Fudosan Asia Pte Ltd.

According to Kerjaya Prospek, the development is a 54-storey building comprising 491 serviced apartments and a 10-storey car park with common facilities.

Construction of the project is scheduled to start on Jan 20 and will take about 35 months to complete.

The contract is regarded as recurrent related party transactions of a revenue or trading nature (RRPT) as Kerjaya Prospek's executive chairman Datuk Tee Eng Ho is an independent non-executive director and substantial shareholder of E&O, together with Tee Eng Seng, who is also a substantial shareholder of E&O.

“We are very delighted to have secured another contract in such a quick succession.

"This proves the Group’s strong ability to replenish its order book," said Datuk Tee.

Recently, Kerjaya Prospek had received a RM617mil contract from Aspen Vision City Sdn Bhd for the proposed "VIVO" and "VIIO" project in Penang.

Inclusive of its latest contract, the group increased its outstanding order book to about RM3.8 bil, which will provide earnings visibility for the next three years.
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