Kerjaya Prospek plans new launches worth RM630m in 2H2021

KUALA LUMPUR (May 27): Kerjaya Prospek Group Bhd plans to launch two new residential developments in the Klang Valley with a combined estimated gross development value (GDV) of RM630 million in the second half of this year, said Kerjaya Prospek’s chief executive officer and executive director Tee Eng Tiong (pictured).

These projects include a condominium project in Monterez Golf & Country Club, Shah Alam and a condominium project in Dutamas

“With improved property sales which have been on the rise recently due to pent-up demand, we are optimistic of the industry’s outlook and plan for these new developments in the second half of this year,” said Tee during a virtual media briefing today. 

According to him, the leasehold development in Monterez Monterez Golf & Country Club comprises 435 condominium units, spread across three 12- and 13-storey blocks. It carries an estimated GDV of RM250 million.

Meanwhile, another freehold condominium development in Dutamas, which has an estimated GDV of RM380 million, will have two 38-storey residential blocks housing 454 units. 

Kerjaya Prospek also announced first quarter financial results for the financial year ending Dec 31, 2021 (FY2021) today, where the group’s revenue increased close to 27% to RM268.7 million, from RM211.8 million in the Q1FY2020.

Its profit after tax and minority interests (PATAMI) has increased 18% to RM26.4 million, from RM22.3 million in Q1FY2020.

The revenue increase was mainly due to the group’s resumption of its construction projects following the Movement Control Order’s restrictions, hence further improving the earnings of the group in Q1FY2021. The construction division contributed the bulk of the group’s revenue.

“The construction division has been the main driver of the group’s revenue, the revenue of this segment has increased 30.9% during the review quarter,” said Tee. 

Year to date, the group’s construction division has secured three contracts with a combined value of RM384.5 million, coming from both building and infrastructure works. 

Besides, Tee added that the property segment also contributed RM1 million to the group’s revenue, mainly from Kerjaya Prospek’s maiden project in Genting Highland - Vista Residences

“In the current financial year, we are still facing a lot of uncertainties globally and domestically. However, we are confident of overcoming this period, underpinned by our strong balance sheet, robust outstanding order book and stringent cost control measures,” he said.

Kerjaya Prospek’s balance sheet remained healthy and strong with a net cash position of RM168 million. Its current outstanding order book stands at approximately RM3.4 billion as at March 31, 2021, which will provide earnings visibility for the next three years. 

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