KUALA LUMPUR: Kerjaya Prospek Group Bhd (KPG) has accepted a letter of award from Singapore-listed Aspen (Group) Holdings Ltd (AGH) to develop an apartment project known as VIVO and VIIO in Penang.
This contract win of RM617 million represents half of KPG’s order book target of RM1.2 billion for the whole of financial year (FY) 2019.
The letter was accepted by KPG's wholly owned subsidiary, Kerjaya Prospek (M) Sdn Bhd from Aspen Vision City Sdn Bhd (Aspen), an indirect subsidiary of AGH and joint venture company between AGH and IKEA Southeast Asia.
The project, located at Seberang Perai Selatan, Pulau Pinang, is situated in a prime location within Aspen Vision City that has amenities and international communities and neighbour to the first IKEA store in the northern region and Regional Integrated Shopping Centre anchored by IKEA.
"We are off to a great start in 2020. Kerjaya has a long working history with Aspen and is proud to have been awarded this contract by Aspen, a reputable player in the property development industry, for our first contract for this year.
"This (contract) again demonstrates Kerjaya’s growing reputation as a contractor of choice in delivering high quality projects on time without compromising on safety. I am excited for the coming years ahead as we seek to deliver earnings growth with our outstanding order book of approximately RM3.5 billion to-date," KPB executive chairman Datuk Tee Eng Ho said in a statement today.
He said the Group will continue to aggressively tender for new works and expect positive outcomes from these tendering activities in due course.
The project is split into two phases whereby the first phase VIVO, which is worth RM365 million, entails piling, pile cap works and main building works for the development of 1,530 executive apartments, 14 units of shops, car park podium and common facilities.
The construction works will take thirty-eight months from its scheduled commencement on 14 February 2020 and slated for completion by April 2023.
The second phase VIIO, which is worth RM252 million, entails piling, pile cap works and main building works for the development of 980 executive apartments, 9 units of shops, car parking podium and common facilities.
Construction works of VIIO shall be completed within 36 months from a commencement date to be determined.
The contract signing ceremony was held at the Aspen Vision City sales gallery in Batu Kawan, which saw Tee with KPG executive director Tee Eng Seng, AGH group managing director Anilarasu Amaranazan officially sealing the deal.
The signing was witnessed by Penang State Executive Council member Jagdeep Singh Deo Karpal Singh.