Latest news with #RM112.8
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Kerjaya Prospek unveils RM230m land deals, JV in KL and Penang
KERJAYA Prospek Group Bhd has announced a series of strategic land acquisitions and a new joint venture (JV) project, strengthening its presence in both the Klang Valley and Penang property markets. The group, through its wholly owned subsidiary Senandung Raya Sdn Bhd, is acquiring three parcels of freehold land in Jalan Puchong, Kuala Lumpur. The acquisitions – made via three separate sale and purchase agreements – are valued at a combined RM112.8 million. The land parcels include a 3.9-acre tract from Sunrise Bright City Sdn Bhd for RM59.1 million, and two parcels measuring 1.7 and 1.8 acres respectively from Top Up Properties Sdn Bhd for a total of RM53.7 million. The sites are strategically located near the KESAS, Federal Highway and LDP, and are surrounded by mature neighbourhoods and key amenities. Kerjaya said the acquisitions will be financed via a mix of internal funds and bank borrowings, with completion expected by September 2025. In Penang, the group is venturing into a landmark mixed-use development in Tanjung Bungah through a JV with Aspen Vision Tanjung Sdn Bhd, a unit of Singapore-listed Aspen (Group) Holdings Ltd. A special purpose vehicle, Tanjung Bungah Development Sdn Bhd (TBD), has been set up to undertake the project. Kerjaya holds a 60% stake in TBD via Kerjaya Prospek Ventures Sdn Bhd, while Aspen Vision Tanjung holds the remaining 40%. The project will be developed on 4.5 acres of freehold land, with a total land consideration of RM117 million – comprising RM105 million in cash and RM12 million in in-kind property units. TBD will reimburse Aspen RM60 million (RM4 million via share capital and RM56 million as advances), while assuming the balance RM52 million via borrowings or internal funds. The project is expected to be completed by December 2025. 'These milestones reflect our continued focus on building long-term value for the group. We are highly selective about where we invest, and both Klang Valley and Penang are markets we know well. These two locations present compelling opportunities with steady demand and plenty of room for development potential,' Kerjaya CEO and ED Tee Eng Tiong said. 'Our balanced approach through a mix of JV and direct acquisitions gives us the flexibility to grow sensibly and allocate capital towards future growth opportunities. Ultimately, we remain focused on building a strong, future-ready pipeline that enhances our property development profile and earnings visibility, while continuing to excel in our core construction business,' he added. — TMR
New Straits Times
3 days ago
- Business
- New Straits Times
Kerjaya Prospek buys freehold land in Jalan Puchong for RM112.8mil
KUALA LUMPUR: Kerjaya Prospek Group Bhd is expanding its development footprint in the Klang Valley and Penang through a series of strategic land acquisitions and a joint venture (JV) that strengthens its pipeline of premium projects. The construction and property development group today announced plans to buy three parcels of freehold land covering three hectares in Jalan Puchong here for RM112.8 million. The acquisitions will be made via its wholly owned Senandung Raya Sdn Bhd. The plots, located in mature and accessible areas, are being acquired from Sunrise Bright City Sdn Bhd and Top Up Properties Sdn Bhd. "The proposed acquisitions will be financed through a mix of internally generated funds and/or bank borrowings. Completion of the transaction is expected by September 2025," Kerjaya Prospek said. In Penang, Kerjaya Prospek is entering into a joint venture with Aspen Vision Tanjung Sdn Bhd, a unit of Singapore-listed Aspen (Group) Holdings Ltd, to develop two parcels of freehold land in Tanjung Bungah. The JV will be undertaken via Tanjung Bungah Development Sdn Bhd, a special purpose vehicle in which Kerjaya Prospek Ventures Sdn Bhd holds a 60 per cent stake and Aspen Vision Tanjung the remaining 40 per cent. The land, measuring 1.8 hectares, carries a total consideration of RM117 million. "The proposed mixed-use development will feature residences, serviced apartments and retail units, with the gross development value yet to be finalised. Completion of the transaction is expected by December 2025," it added. Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said the company is strategic in choosing its investment locations. He added that both the Klang Valley and Penang are familiar markets with strong demand and significant development prospects. "Our balanced approach through a mix of JV and direct acquisitions gives us the flexibility to grow sensibly and allocate capital towards future growth opportunities. "Ultimately, we remain focused on building a strong, future-ready pipeline that enhances our property development profile and earnings visibility, while continuing to excel in our core construction business," Tee said.
