JOHOR BARU (May 13): Kerjaya Prospek Group Bhd (formerly Fututech Bhd), which has won a RM312.85 million construction job for a high-rise residential in Iskandar Malaysia, Johor, is eyeing more contract wins this year.
With the latest win, the group has secured RM596.61 million of works year-to-date (YTD), and is approaching its internal target to secure an order book of RM600 million this year, said Kerjaya Prospek executive chairman Datuk Tee Eng Ho.
He is optimistic that the group will exceed the target.
“We are still tendering for about RM1.5 billion worth of projects in the Klang Valley and Penang. The result will be announced in the next five or six months.
“Our winning rate is about 20% to 30%, and we are working towards more job wins by the end of the year,” he told a press conference yesterday.
Earlier, Tee announced the group bagged the construction contract worth RM312.85 million from property developer BCB Bhd for the main building works of the proposed Phase 1 of Elysia Park Residence in Iskandar Malaysia, Johor.
The latest win confirmed reports by The Edge weekly (Monday) and The Edge Financial Daily (Tuesday), citing sources, that Kerjaya Prospek was set to win a contract worth RM300 million from the Batu Pahat-based property developer.
It also brought Kerjaya Prospek’s total order book to about RM3.3 billion, of which RM2.5 billion remained outstanding.
Recall that Tee injected his own construction outfits, Kerjaya Prospek and Permatang Bakti Sdn Bhd, into Fututech for RM458 million last year.
The asset injection saw the emergence of Fututech, which has been renamed Kerjaya Prospek, as a premium construction outfit. Its main clients are E&O Bhd, Eco World Development Group Bhd and S P Setia Bhd.
It is also engaged in property development via its maiden project at Genting Permai.
Yesterday, Tee signed a letter of award with BCB Heights Sdn Bhd, a subsidiary of BCB, for the RM312.85 million job.
BCB was represented by its group managing director Datuk Tan Seng Leong.
Tee said the entire construction and completion of the main building works are scheduled to begin this month and are targeted to be completed by 2019.
Meanwhile, Tan said BCB chose Kerjaya Prospek based on the latter’s strong track record.
“As a property developer, we need a partner that is able to deliver quality jobs on time. We are not awarding the contract based on the lowest bid,” he added.
Elysia Park Residence will have a park dubbed “Mahkota Park” right next to the development. It features 961 units, with built-ups ranging from 515 sq ft to 1,251 sq ft.
Tan said 80% of Tower 1 of the Elysia Park Residence Phase 1 has been sold, and the group is set to launch Tower 2 within the next three months.
With built-up areas of between 800 sq ft and 1,000 sq ft, the selling price ranges from RM400,000 to RM1.2 million.
This article first appeared in The Edge Financial Daily, on May 13, 2016. Subscribe to The Edge Financial Daily here.
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