KUALA LUMPUR: Kerjaya Prospek Group Bhd
via its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd has secured an RM488.4mil contract from Persada Mentari Sdn Bhd for the construction of the second marina-edge residence, AVÉA, at Andaman Island, Penang.
The contract involves the completion of a two-phase development comprising two 46-storey serviced apartment towers with a total of 1,080 residential units, together with basement parking, podium parking facilities, commercial space and recreational amenities, among others.
Construction is scheduled to commence on July 1, 2026, and is targeted for completion within 42 months.
Including this latest win, Kerjaya Prospek has secured RM2.1bil in new contract wins so far in FY26, surpassing its initial target for the year.
The group has an outstanding order book of RM5bil, which gives it strong earnings visibility and healthy pipeline of construction projects over the coming years.
"We are honoured to continue our longstanding partnership with E&O through this landmark development on Andaman Island.
"As one of Penang’s most prominent waterfront developments, Andaman Island represents a transformative project for the state, and we are proud to contribute to bringing this vision to life," said Kerjaya Prospek CEO and executive director Tee Eng Tiong in a statement.
The construction firm said the project was undertaken on an arm's length basis on commercial terms that are not more favourable than those generally available to the public, as Persada Mentari is an indirect subsidiary of Eastern & Oriental Bhd, which shares certain major shareholders with Kerjaya Prospek.
