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Kerjaya Prospek secures contracts worth RM278m, surpasses order book target

KUALA LUMPUR (May 31): Kerjaya Prospek Group Bhd has secured two main building work contracts worth RM278.38 million in total, which resulted in the group's order book hitting RM875 million.

Kerjaya Prospek, which was formerly known as Fututech Bhd, told the bourse today that its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd, has today accepted a letter of award from Eco Sanctuary Sdn Bhd, a wholly-owned subsidiary of EcoWorld Development Bhd, for the main building works of the proposed development of a gated and guarded apartment project in Kuala Langat, Selangor, for a total contract sum of RM172.43 million.

The contract comprises main building works for three blocks of apartments ranging from 21 to 25 floors and a car park podium with two floors.

The construction and completion of the main building works will take 25 months and is scheduled to start in June. It is expected to be completed in July 2018, it said.

In a separate statement, Kerjaya Prospek said it also secured a RM105.95 million contract from the group's directors for the main building works of a mixed development project in Penang.

The contract is awarded by a related party, Kerjaya Prospek Property Sdn Bhd, a company jointly controlled by Kerjaya Prospek executive chairman Datuk Tee Eng Ho and executive director Tee Eng Seng.

The project comprises serviced apartments, commercial lots and a car park podium.

Both projects are expected to contribute positively to Kerjaya Prospek's earnings going forward.

"It has been our internal target to secure an order book of RM600 million this year. Taking into account today's awards, our total order book has surpassed our targets and stands at RM875 million." Eng Ho said.

Kerjaya Prospek's current outstanding order book stands at RM2.64 billion. -- theedgemarkets.com

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