KUALA LUMPUR: Kerjaya Prospek Group Bhd’s wholly-owned subsidiary, Kerjaya Prospek (M) Sdn Bhd has secured a contract worth RM332 mil from Patsawan Properties Sdn Bhd, an indirect joint venture company of Eastern & Oriental Berhad (E&O) with Mitsui Fudosan Asia Pte Ltd.
Kerjaya Prospek in a statement today said the contract entails the main building works of a proposed development project located at Jalan Kia Peng here.
The project is a 54-storey building comprising 491 units of serviced apartments on 44 storeys and a 10-storey car park with common facilities, scheduled to start today.
Construction will take about 35 months to complete from its commencement date.
Kerjaya Prospek’s latest contract win follows the award of a RM617 mil contract by Aspen Vision City Sdn Bhd to develop a proposed apartment project known as VIVO and VIIO in Penang.
“We are very delighted to have secured another contract in such quick succession. This proves the group’s strong ability to replenish its order book. Inclusive of this contract, the group has increased its outstanding order book to about RM3.8 bil which will provide healthy earnings visibility for the next three years,” said Kerjaya Prospek’s executive chairman Datuk Tee Eng Ho.
This contract is regarded as Recurrent Related Party Transactions of a Revenue or Trading Nature (RRPT) pursuant to Bursa Malaysia Securities Berhad’s listing requirements.
Eng Ho is a non-independent non-executive director and substantial shareholder of E&O together with Tee Eng Seng who is also a substantial shareholder of E&O.
The RRPT mandate was approved by Kerjaya’s shareholders at their annual general meeting on May 30, 2019 and at E&O’s annual general meeting held Aug 28, 2019. – Jan 20, 2020 Bernama
