Latest news with #Kerjaya


Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Kerjaya Prospek unveils RM230m land deals, JV in KL and Penang
KERJAYA Prospek Group Bhd has announced a series of strategic land acquisitions and a new joint venture (JV) project, strengthening its presence in both the Klang Valley and Penang property markets. The group, through its wholly owned subsidiary Senandung Raya Sdn Bhd, is acquiring three parcels of freehold land in Jalan Puchong, Kuala Lumpur. The acquisitions – made via three separate sale and purchase agreements – are valued at a combined RM112.8 million. The land parcels include a 3.9-acre tract from Sunrise Bright City Sdn Bhd for RM59.1 million, and two parcels measuring 1.7 and 1.8 acres respectively from Top Up Properties Sdn Bhd for a total of RM53.7 million. The sites are strategically located near the KESAS, Federal Highway and LDP, and are surrounded by mature neighbourhoods and key amenities. Kerjaya said the acquisitions will be financed via a mix of internal funds and bank borrowings, with completion expected by September 2025. In Penang, the group is venturing into a landmark mixed-use development in Tanjung Bungah through a JV with Aspen Vision Tanjung Sdn Bhd, a unit of Singapore-listed Aspen (Group) Holdings Ltd. A special purpose vehicle, Tanjung Bungah Development Sdn Bhd (TBD), has been set up to undertake the project. Kerjaya holds a 60% stake in TBD via Kerjaya Prospek Ventures Sdn Bhd, while Aspen Vision Tanjung holds the remaining 40%. The project will be developed on 4.5 acres of freehold land, with a total land consideration of RM117 million – comprising RM105 million in cash and RM12 million in in-kind property units. TBD will reimburse Aspen RM60 million (RM4 million via share capital and RM56 million as advances), while assuming the balance RM52 million via borrowings or internal funds. The project is expected to be completed by December 2025. 'These milestones reflect our continued focus on building long-term value for the group. We are highly selective about where we invest, and both Klang Valley and Penang are markets we know well. These two locations present compelling opportunities with steady demand and plenty of room for development potential,' Kerjaya CEO and ED Tee Eng Tiong said. 'Our balanced approach through a mix of JV and direct acquisitions gives us the flexibility to grow sensibly and allocate capital towards future growth opportunities. Ultimately, we remain focused on building a strong, future-ready pipeline that enhances our property development profile and earnings visibility, while continuing to excel in our core construction business,' he added. — TMR

The Star
30-05-2025
- Business
- The Star
Strong project pipeline boosts Kerjaya Prospek's outlook for FY25
PETALING JAYA: The market outlook for construction and property player Kerjaya Prospek Group Bhd remains solid after the company reported a 37% jump in net profit on the back of a 40% surge in revenue for the first quarter ended March 31, (1Q25) compared with the same quarter a year ago. The company also declared a first interim dividend of three sen per share payable on June 30. Several analysts have raised their target price on the stock following a meeting with Kerjaya's management, which was upbeat on achieving the company's target of RM1.6bil in new projects for this year, supported by year-to-date contract wins of RM870.3mil and an order book of RM4bil. Kenanga Research, which maintained an 'outperform' call on the stock and revised the target price to RM2.30 from RM2.10, said the company, in partnership with Samsung C&T Corp, expects decisions on three data centre projects worth RM3bil in 3Q25, in addition to listed subsidiary Eastern & Oriental Bhd 's planned launch of property projects worth RM2bil this year. The research house said the company's property arm can expect its 55%-owned Rivanis redevelopment project located in Butterworth, Penang, to anchor future earnings. BIMB Research said the higher interim dividend compared with an expected 2.5 sen reflected the management's confidence in its earnings outlook and strong cash position.

The Star
29-05-2025
- Business
- The Star
Project pipeline boosts Kerjaya Prospek's outlook
PETALING JAYA: The market outlook for construction and property player Kerjaya Prospek Group Bhd remains solid after the company reported a 37% jump in net profit on a 40% surge in revenue for the first quarter ended March 31, 2025 (1Q25) compared to the same quarter a year ago that were largely in line with expectations. The company also declared a first interim dividend of three sen per share payable on June 30. Several analysts have raised their target price on the stock following a meeting with the Kerjaya's management, who were upbeat on achieving the company's target of RM1.6bil of new projects for the financial year ending December 31, 2025 (FY25) supported by year-to-date contract wins of RM870.3mil and an outstanding orderbook of RM4bil. Kenanga Research, which maintained an 'outperform' call on the stock and revised the target price to RM2.30 from RM2.10, said the company in partnership with Samsung C&T Corp expects decisions on three data centre projects worth RM3bil in 3Q25, in addition to listed subsidiary Eastern & Oriental Bhd 's planned RM2bil launch of property projects this year. It said the company's property arm can expect its 55%-owned Rivanis redevelopment project located in Butterworth, Penang to anchor future earnings. The research house has a neutral view of the company's 49% stake acquisition in Aspen Vision Land Sdn Bhd for RM98mil announced recently given the potential future capital commitments that could offset construction opportunities and property earnings. BIMB Securities said the higher first interim dividend declared compared to an expected 2.5 sen reflected the management's confidence in its earnings outlook and strong cash position. The research house expects a dividend payout of 12 sen for FY25, which translates to a dividend yield of 5.6% from the stock's last closing price. It has maintained a 'buy' call on the stock with an unchanged target price of RM2.59. TA Securities, which maintained a 'buy' call but revised its target price to RM2.97 from RM2.72, said the company have plans to expand its property development business through a capital expenditure allocation of RM550mil, with active scouting for landbank opportunities in Penang, the Klang Valley, and Johor backed by robust net cash position of RM336.7mil as at end-March 2025. RHB Research said earlier-than-expected wins of industrial jobs such as data centres before mid-FY25 and quicker-than-expected launches of the new phases of Aspen Vision City, which has an estimated gross development value of RM5bil on 14.16-ha of land could be re-rating catalysts for the stock, in which the brokerage has maintained a 'buy' call but revised upwards the target price to RM2.80 from RM2.67.