KUALA LUMPUR: Kerjaya Prospek Group Bhd
’s wholly owned subsidiary, Futuprop Sdn Bhd, has formed a joint venture and shareholders' agreement with Aspen Vision Development Sdn Bhd to undertake a mixed development on a 36-acre plot of land in Seberang Perai Tengah, Penang.
In a statement, the construction outfit said the development primarily comprised 338 units of affordable housing, 1,680 residential units, 1,680 serviced apartments, as well as commercial retail shops and offices.
Construction, expected to begin by the end of 2024, is planned for completion in stages over a seven-year period.
Kerjaya Prospek said Rivanis Ventures Sdn Bhd, a special purpose vehicle (SPV) established for this joint venture, will spearhead the development. Kerjaya holds a 55% stake in the SPV, while Aspen Vision owns the remaining 45%.
As consideration for the sale of the land for the proposed development, RM156.5mil will be provided to the landowner. This amount includes RM54.1mil in cash and 338 units of affordable housing, valued at RM102.4mil, in accordance with the Affordable Housing Category C3 specifications set by the Penang state government.
It said as the next phase of the development, Rivanis Ventures will be granted the first right of refusal to develop the adjacent 19.68-acre land.
“This project presents a unique opportunity for Kerjaya to create sustainable, high-quality residential and commercial spaces in Penang. This venture reflects our shared vision to support Penang’s urban development and enhance accessibility for the community.
“The subsequent right of refusal to develop the adjacent land provides potential for further expansion, reinforcing our growing footprint in Penang's property market,” Kerjaya chief executive officer and executive director Tee Eng Tiong said in a statement.
