KUALA LUMPUR (Feb 22): Kerjaya Prospek Group Bhd has bagged its largest ever construction contract worth RM710.1 million for the construction of the main building and external works for a proposed residential development project in Ampang.

In a press release on Tuesday (Feb 22), Kerjaya Prospek said its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd has accepted a letter of award (LOA) from Nikmat Merpati Sdn Bhd and that the project is expected to be completed in 53 months from its commencement date in June 2022.

The LOA is for the development of Astrum Ampang, a 6.75 acre transit oriented development located near Jalan Jelatek and Jalan Ampang, Selangor. The project, which entails six blocks and consists of 5,255 small office home office units, apartments and retail spaces, has a gross development value of RM1.6 billion.

The latest contract award has bolstered Kerjaya Prospek's outstanding order book to RM4.1 billion, which could sustain the group's earnings over the next five years, according to the statement.

Kerjaya Prospek's chief executive officer and executive director, Tee Eng Tiong, said that the latest contract not only marks a significant milestone for the construction group but also serves as a testament to its proven track record and ability to secure sizeable contracts from its clients.

"Going forward, we will continue to leverage on our core expertise to secure new projects. As the nation begins to recover from the adverse impacts of Covid-19, we remain optimistic of achieving our contract wins target of RM1.2 billion in [financial year 2022]," Tee added.

At the time of writing, Kerjaya Prospek's shares were one sen or 0.85% higher at RM1.18, giving it a market capitalisation of RM1.46 billion based on 1.24 billion outstanding shares.