Kerjaya Prospek bags RM439m related party job for mixed project

TheEdge Wed, Apr 24, 2019 10:51am - 4 years View Original


KUALA LUMPUR: Kerjaya Prospek Group Bhd has bagged a related party contract worth RM438.78 million for building works for a proposed development in Jalan Puchong here.

In a filing with Bursa Malaysia yesterday, Kerjaya said its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd had accepted a letter of award for the job from Kerjaya Prospek Property Sdn Bhd (KPPSB).

KPPSB is a privately-owned property company of Datuk Tee Eng Ho and his brother Tee Eng Seng, executive chairman and executive director of Kerjaya respectively.

The contract is expected to commence on May 2, with the completion slated on Nov 1, 2022. “The contract covers constructing the main building for a proposed mixed development, comprising a block of 25-storey offices and hotel and two blocks of 53-storey serviced apartments on top of an 11-storey podium and a four-level basement,” said Kerjaya.

It added the contract’s acceptance is undertaken on an arm’s length basis, based on normal commercial terms not more favourable than those generally available to the public.

Kerjaya said the contract further enlarges the group’s order book and is expected to provide a steady revenue over four years.

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