Kerjaya Prospek Secures RM87.7 Million Commercial Development Contract in Shah Alam from E&O

KUALA LUMPUR, Nov 5 — Construction and property development firm Kerjaya Prospek Group Bhd has been awarded a RM87.66 million contract from Eastern & Oriental Bhd (E&O) to undertake the construction of a commercial development project in Shah Alam, further expanding its portfolio of urban projects in Selangor.

The contract, awarded through E&O’s indirect subsidiary Eastern & Oriental Express Sdn Bhd, was obtained by Kerjaya Prospek (M) Sdn Bhd, a wholly owned subsidiary of the group.

According to the company’s bourse filing, the project involves the execution and completion of 104 units of two-storey shop offices, six units of three-storey shop offices, and 23 affordable shop units, in addition to two electrical substations and one compact substation.

The project is scheduled to commence on Nov 17, 2025, and is expected to be completed within 30 months.

“We are delighted to have secured this latest contract in Shah Alam, an area that continues to see strong demand and vibrant growth. This development will further enhance the commercial landscape of the city,” said Tee Eng Tiong, chief executive officer and executive director of Kerjaya Prospek Group.

Strengthening Market Presence in Selangor

With this latest contract, Kerjaya Prospek has secured seven major projects year-to-date, collectively worth approximately RM958 million. This brings the group’s outstanding order book to around RM3.6 billion, solidifying its position as one of Malaysia’s leading integrated construction and property groups.

The Shah Alam project aligns with Kerjaya Prospek’s strategy to focus on high-potential growth corridors across Selangor, Kuala Lumpur, and Penang. The location benefits from its strategic accessibility via key highways and proximity to vibrant commercial zones such as Subang, Puchong, and Bukit Jalil.

The new development will contribute to the ongoing urban transformation of Shah Alam — an area witnessing increasing investor interest not only for commercial property in KL and industrial property in the Subang area, but also for industrial land in Selangor as demand for business-ready spaces continues to rise.

Key Shareholdings and Corporate Structure

The filing also noted that Kerjaya Prospek’s major shareholders, including Datuk Seri Tee Eng Ho, Datin Seri Toh Siew Chuon, and Datuk Tee Eng Seng, hold significant interests in both Kerjaya Prospek and E&O through several private entities such as Amazing Parade Sdn Bhd, Javawana Sdn Bhd, Kerjaya Prospek Development (M) Sdn Bhd, and Paramount Spring Sdn Bhd.

As of Nov 3, Tee Eng Ho’s indirect and deemed interest in E&O stood at 60.4%, while his indirect and deemed interest in Kerjaya Prospek amounted to 68.12%.

Market Outlook

At the close of trading on Wednesday, Kerjaya Prospek’s shares fell 3.57%, or 10 sen, to RM2.70, valuing the company at RM3.42 billion. Despite the dip, the stock remains up nearly 18% year to date, reflecting investor confidence in its strong project pipeline and diversified order book.

Meanwhile, E&O’s shares eased 0.62%, or half a sen, to 80.5 sen, giving it a market capitalisation of RM2.03 billion. Year to date, E&O’s stock has declined by more than 15%.

A Broader Growth Perspective

The award underscores the sustained momentum in Selangor’s property and construction sector, driven by rising demand for commercial and industrial developments. Projects like this not only strengthen the urban fabric of Shah Alam but also stimulate surrounding submarkets — particularly those involving factories in Puchong, office space in Bukit Jalil, and industrial property in the Subang area, where infrastructure connectivity continues to attract both local and foreign investment.

Kerjaya Prospek’s consistent performance highlights its ability to deliver high-quality developments and maintain long-term growth in Malaysia’s evolving commercial property landscape.