PETALING JAYA: Kerjaya Prospek Group Bhd has secured a building contract worth RM488.4 million in Penang, the latest in a string of jobs the construction outfit has won from companies linked to its own chairman.
In a filing to Bursa Malaysia, Kerjaya Prospek said its wholly owned Kerjaya Prospek (M) Sdn Bhd (KPSB), has accepted a letter of award from Persada Mentari Sdn Bhd for the works at Seksyen 2, Tanjung Pinang, Northeast District.
The project runs in two phases, each anchored by a 46-storey block of serviced apartments with 540 units, for 1,080 homes in all.
The first phase carries the bulk of the supporting infrastructure: a basement car park, podium parking levels, commercial space, and recreational and facility floors. The second phase repeats the residential tower.
Work is due to start on July 1 and should take 42 months to finish.
According to the filing, Persada Mentari is an indirect subsidiary of Eastern & Oriental Bhd (E&O), the property developer chaired by Datuk Seri Tee Eng Ho, who is also the non-independent non-executive chairman of Kerjaya Prospek.
His wife, Datin Seri Toh Siew Chuon, and his brother, Datuk Tee Eng Seng, are executive directors at Kerjaya Prospek and hold interests in both companies. A third brother, Tee Eng Tiong, is the group’s CEO.
Because of the overlapping interests, the contract is classed as a recurrent related-party transaction.
Kerjaya Prospek said shareholders gave the mandate for such dealings at the company’s annual general meeting on June 12.
The contract, it said in the filing, “is in the ordinary course of business of KPSB and is undertaken based on normal commercial terms which are not more favourable than those generally available to the public”.
For Kerjaya Prospek, the contract brings a larger order book and a new revenue stream spanning the next three years.
The group expects the job to lift earnings and net assets per share for the financial years from 2026 through 2029. It will have no bearing on the company’s share capital.
Tee said the group is honoured to continue its longstanding partnership with E&O through this landmark development on Andaman Island.
“As one of Penang’s most prominent waterfront developments, Andaman Island represents a transformative project for the state, and we are proud to contribute to bringing this vision to life. This latest award marks our eighth contract win in 2026, bringing our year-to-date FY26 new contract wins to RM2.1 billion, surpassing our initial target for the year.
“Together with our outstanding order book of RM5 billion, the group remains well-positioned with strong earnings visibility and a healthy pipeline of construction projects over the coming years,“ he said.
Tee said Kerjaya Prospek also made significant progress this month with the completion of its investment of a 49% equity interest in Aspen Vision Land Sdn Bhd, to support the ongoing development of Aspen Vision City in Batu Kawan, Penang.
“In addition, we have announced the acquisition of the remaining stake in Tanjung Bungah Development Sdn Bhd, giving us full control of a development project in Tanjung Bungah, Penang.
“These initiatives will strengthen our presence in Penang, complement our existing landbank and 1 development portfolio, and provide exposure to strategically located developments with strong connectivity and long-term growth potential.
“We believe these investments will create sustainable value for both the group and our stakeholders over the longer term, and we look forward to unlocking their full potential,” Tee said.
