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
