PETALING JAYA: Kerjaya Prospek Group Bhd
’s latest Penang land deal could unlock a development with an estimated gross development value (GDV) of RM1.5bil to RM1.7bil, adding to its growing property pipeline that already includes projects in Jalan Puchong and Tanjung Bungah, RHB Research says.
Kerjaya Prospek via Rivanis Ventures (RV) recently signed a definitive agreement with Railway Assets Corp (RAC) to develop 34.8 acres of land in Seberang Perai Tengah (SPT), Penang.
RV is a joint venture company- cum-shareholders’ agreement with Aspen Vision Development formed in November 2024. The proposed development includes 338 affordable houses plus other residential and commercial units for a seven-year period. The land in SPT is located between the Perai River and Taman Inderawasih.
As a consideration for the land sale from RAC to RV, the latter will provide RM156.5mil worth of returns consisting of RM54.1mil in cash returns, and 338 affordable houses in accordance with Affordable Housing Category C3 specifications (value estimated at about RM102.4mil).
RHB Research said its preliminary analysis indicates that the potential GDV of the development in SPT could range from RM1.5bil to RM1.7bil. RHB Research added the group had secured RM1.1bil worth of new projects year-to-date versus its RM2bil target.
The research house added potential projects of the company for the rest of FY26 include Eastern & Oriental Bhd’s recently-launched AVÉA, which could have a construction value of about RM400mil (GDV: RM1bil).
Another could be Aspen Group’s Mezon@Park Enclave in Batu Kawan (which may be worth RM200mil to RM400mil, based on previous contracts) and Kerjaya Prospek Property’s RM720mil GDV (construction value: about RM288mil) project there.
