Kerjaya Prospek unit secures RM350.62mil building project in Pulau Pinang

KUALA LUMPUR: Kerjaya Prospek Group Bhd said its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd has accepted an award for building works in Batu Kawan, Pulau Pinang, for RM350.62mil.

In the related-party transaction, Kerjaya Prospek secured the contract from Pixel Valley Bhd, which is a wholly-owned subsidiary of Kerjaya Prospek Property Bhd, in which certain directors and major shareholders of the group have direct and indirect interests.

"The acceptance of the contract is in the ordinary course of business of KPM and is undertaken on an arm’s length basis, based on normal commercial terms which are not more favourable than those generally available to the public," it said in filing with the stock exchange.

According to the filing, the contract comprises the development of one block of 44-storey serviced apartments and another block of 37-storey serviced apartments with a combined total of 1,406 units.

The project will also include the construction of one floor of facilities and amenities, an eight-level podium carpark, 15 two-storey shops and offices, a Tenaga Nasional substation and a guardhouse.

The contract shall commence on March 2, 2026, and be completed within 42 months.