“Kerjaya Prospek Group secures a RM256.4 million contract from Eastern & Oriental Express Sdn Bhd for a residential project in Elmina West, Shah Alam. The project includes 360 three-storey terrace houses, a clubhouse, and landscaping, ensuring sustained growth with an RM4.2 billion order book.“
Kuala Lumpur, 07th Jan 2025, 11.20am – Construction giant Kerjaya Prospek Group Bhd has been awarded a RM256.4 million contract by Eastern & Oriental Express Sdn Bhd (E&OE) for a residential project in Elmina West, Shah Alam, Selangor.
The contract, secured through its wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd, involves the construction of 360 units of three-storey terrace houses, a clubhouse, landscaping works, and supporting infrastructure.
The project is classified as a recurrent related party transaction, given that Kerjaya Prospek’s non-executive chairman and major shareholder, Datuk Seri Tee Eng Ho, also holds executive positions and significant stakes in both Kerjaya Prospek (67.64%) and Eastern & Oriental Bhd (58.26%). Tee’s brother, Datuk Tee Eng Seng, is an executive director and shareholder of both companies.
Construction is set to commence on January 20, 2024, and the project will be executed in three phases over 26 months.
In a statement, Kerjaya Prospek’s CEO and executive director Tee Eng Tiong highlighted that this contract has boosted the company’s outstanding order book to RM4.2 billion, ensuring earnings visibility for the next three years.
“This new project reinforces our commitment to delivering value for shareholders and solidifies our standing as a leading construction player. We are confident of sustaining our growth momentum as we enter this new financial year,” said Tee.
At Monday’s noon market break, Kerjaya Prospek shares remained unchanged at RM2.29, valuing the company at RM2.9 billion. The stock has gained 37% over the past year. Meanwhile, E&O’s shares fell by 2.5 sen or 2.58% to 94.5 sen, translating to a market capitalisation of RM2.38 billion, although the counter has risen 33% in the last year.
This project underlines Kerjaya Prospek’s expertise in delivering high-value developments and supports the company’s long-term growth trajectory.
