PETALING JAYA: Kerjaya Prospek Group Bhd
has bagged a RM502.27mil contract for reclamation and dredging works for the Seri Tanjung Pinang (Phases 2B and 2C) development in Penang.
The group said in a filing that its wholly-owned subsidiary, Future Rock Sdn Bhd, has accepted a letter of award from Tanjung Pinang Development Sdn Bhd, a subsidiary of Eastern and Oriental Bhd (E&O).
The Tee family is a major shareholder in both Kerjaya Prospek and E&O.
Kerjaya Prospek said the contract will commence on March 11, 2026, and is expected be completed on or before March 31, 2029.
In a statement, Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said: “This contract brings us closer to our targeted order book replenishment for financial year 2026 (FY26) and increases our total outstanding order book to RM4.4bil.”
The group added that the latest award lifts Kerjaya Prospek’s FY26 new contract wins to RM703.5mil and is expected to support earnings visibility over the next four years.
In an earlier note yesterday, RHB Research said Kerjaya Prospek’s fourth-quarter 2025 (4Q25) earnings are expected to be in the range of RM60mil and RM70mil, translating into year-on-year growth of 15% to 35%.
The research house believes the 4Q25 growth was supported by higher progress billingsfrom ongoing projects, coupled with stronger contributions from its property development arm across two projects with a total gross development value (GDV) of about RM800mil.
RHB Research retains its “buy” call for the stock with a target price of RM3.35 a share.
It continues to prefer Kerjaya Prospek for its steady project flow, coupled with plans to unlock the value of its 89 acres of landbank in the Klang Valley and Penang, with an estimated gross development value of at least RM3bil based on its estimates.
RHB Research said the group’s active tender book currently stands at RM1.5bil to RM2bil, with more than 50% comprising related-party transactions, alongside a mix of other residential and industrial projects.
With E&O targeting RM1bil in launches annually, this could potentially translate into RM400mil to RM500mil in contract value for the group.
Given that Andaman Island is only 70% reclaimed, there is also potential for additional packages for the remaining reclamation works, estimated at between RM300mil and RM500mil.
Progress in the 4Q25 include the Astrum Ampang project, comprising 5,255 small office/home office units located at Jalan Jelatek, Kuala Lumpur.
The Astrum Ampang project is the group’s largest contract secured to date, worth RM710mil, with the letter of award issued in February 2022 and targeted for completion within 53 months from commencement in June 2022.
Based on estimates, the project should have reached 80% to 90% completion by now.
Other projects include the Viera 15 development in Shah Alam for Kerjaya Prospek Property Bhd, awarded in November 2025 and valued at RM100.2mil.
Another key project is Seri Embun, developed by E&O and located in Elmina West, which was 40%-50% completed as at end-December 2025.
RHB Research added that any wins from the industrial space could serve as a rerating catalyst.
The last time the group secured major projects with Samsung C&T was back in October 2022 and September 2023 for Texas Instruments’ plant in Melaka.
