KUALA LUMPUR: Kerjaya Prospek Group Bhd, via its wholly-owned unit, has bagged a construction contract worth RM331.95 million for a proposed development located at Jalan Kia Peng, Kuala Lumpur.

This is its second construction win this month, bringing its contracts secured year to date to RM948.95 million.

The construction company said in a filing with Bursa Malaysia yesterday it had accepted a letter of award for the job from Patsawan Properties Sdn Bhd, an indirect joint-venture company between Eastern & Oriental Bhd (E&O) and Mitsui Fudosan (Asia) Pte Ltd. The contract, entailing main building works for a 54-storey building comprising 491 units of serviced apartments across 44 storeys and a 10-storey car park with common facilities, shall commence on Jan 20 this year and is to be completed within 35 months and 11 days.

Kerjaya Prospek said the contract is expected to provide an additional stream of revenue for the group over the next four years to the financial year ending Dec 31, 2023.

“Inclusive of this contract, the group has successfully increased its outstanding order book to approximately RM3.8 billion, which will provide a healthy earnings visibility for the next three years,” its chairman Datuk Tee Eng Ho said in a separate statement yesterday.

This contract is regarded as a recurrent related party transaction, as Eng Ho is a non-independent non-executive director and substantial shareholder of E&O with a 13.95% indirect interest. His brother, Kerjaya Prospek executive director Tee Eng Seng, is also E&O’s substantial shareholder with an indirect interest of 13.93%.