Kerjaya Prospek Secures RM350.6 Million Construction Contract for Penang High-Rise Development

Kerjaya Prospek Group Bhd has announced that its wholly owned subsidiary, Kerjaya Prospek (M) Sdn Bhd, has secured a RM350.62 million construction contract from Pixel Valley Sdn Bhd for a major development in Batu Kawan, Seberang Perai Selatan, Penang.

According to the group’s filing, Pixel Valley is a fully owned subsidiary of Kerjaya Prospek Property Bhd (KPPB), making this a related-party transaction. Several key directors and major shareholders of Kerjaya Prospek — Datuk Seri Tee Eng Ho, Datin Seri Toh Siew Chuon, and Datuk Tee Eng Seng — collectively own Javawana Sdn Bhd, which holds 100% equity in KPPB.

Scope of Works

The newly awarded contract covers the full construction of a mixed-use high-rise development comprising:

• Two serviced apartment towers of 44 and 37 storeys

• Recreational and lifestyle facilities

• A multi-level podium car park

• Retail and office units

Work is scheduled to commence on March 2, 2026, with a 42-month completion timeframe.

Financial Impact

Kerjaya Prospek expects the project to generate a positive contribution to the group’s earnings and net asset position from FY2026 through FY2029. The sizeable contract further strengthens the company’s construction order book, supporting continued growth momentum in Malaysia’s property development sector.

Relevance to Industrial & Commercial Property Trends

Although the project is located in Penang, Kerjaya Prospek’s expanding portfolio continues to mirror broader demand seen across Malaysia’s industrial and commercial real estate markets, including KL and Selangor, where high-density developments, integrated commercial components, and mixed-use urban projects remain key drivers of market activity.