Kerjaya Prospek secures RM126.1m contract from UEM Sunrise for residential development project in Petaling

KUALA LUMPUR (Sept 10): Construction outfit Kerjaya Prospek Group Bhd said today it had secured a contract worth RM126.1 million from UEM Sunrise Bhd’s subsidiary company Sunrise Alliance Sdn Bhd to undertake building works for a proposed residential development project located in Bandar Putra Permai, Petaling.

The contract was awarded to the group’s unit Kerjaya Prospek (M) Sdn Bhd and covers the construction of two blocks of apartment with a seven-storey podium car park consisting of a six-storey car park plus one level of common area and facilities.

In a bourse filing, Kerjaya Prospek said the contract shall commence on Dec 15 and be completed within 27 months from the commencement date.

It said the award is expected to provide an additional stream of revenue for the group over the next three years, and will further increase and enhance its existing order book.

The contract — being Kerjaya Prospek’s fifth contract for the year — brings year-to-date (YTD) contract wins of the group to RM649.6 million in value.

To date, the company’s total outstanding order book stands at approximately RM3.4 billion.

“This is our maiden contract from UEM Sunrise, a reputable property developer in Malaysia. We are extremely delighted, with the trust and confidence from UEM Sunrise, which shows our strong ability to replenish our order book despite these challenging times.

“Despite the tendering process being affected due to domestic uncertainties, our tender book still remains healthy at RM1.5 billion. This is in line with our aggressive strategy to tender for good-quality projects that can deliver value to our shareholders,” said the group’s chief executive officer (CEO) and executive director Tee Eng Tiong.

At today's noon break, shares in Kerjaya Prospek were up four sen or 3.25% at RM1.27, giving the company a market capitalisation of RM1.58 billion.

The stock has risen 20.95% YTD from RM1.05 apiece.

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