KUALA LUMPUR: Kerjaya Prospek Group Bhd's subsidiary Kerjaya Prospek (M) Sdn. Bhd. has been granted a letter of award for a high-rise residential development project in Setapak, valued at RM111.8 million.
The contract, which was undertaken on an arm's length basis, was based on commercial terms which are not more favourable than those available to the public, was awarded by Kerjaya Property Sdn. Bhd, a wholly owned subsidiary company of Kerjaya Prospek Property Bhd.
It is classified as a recurrent related party transaction.
The project involves building a 52-storey structure, including a 42-storey serviced apartment block and an eight-storey elevated car park, among other components.
Kerjaya Prospek said in a statement today, the project will be completed within 40 months.
This is the company's fourth construction award for this year, bringing its cumulative contract wins, year-to-date, to RM377.9 million.
Kerjaya Prospek's order book currently stands at RM4.7 billion.