Kerjaya Prospek Unit Partners With Aspen Vision For New Development Project In Penang

KUALA LUMPUR, Nov 11 (Bernama) -- Kerjaya Prospek Group Bhd’s wholly-owned subsidiary, Futuprop Sdn Bhd, has entered into a joint venture (JV) cum shareholders’ agreement (JVSHA) with Aspen Vision Development Sdn Bhd to undertake a mixed development on a 33.52-hectare land in Penang, via Rivanis Ventures Sdn Bhd.

Rivanis Ventures, a special purpose vehicle incorporated for this JV, in which Kerjaya Prospek holds a 55 per cent stake, while Aspen Vision holds the remaining 45 per cent, will be spearheading the development, said the construction firm in a filing with Bursa Malaysia today.

The group said that in relation to the proposed development comprising 338 units of affordable housing, 1,680 residential units, 1,680 serviced apartments, and commercial retail shops and offices, Rivanis Ventures has entered into a heads of agreement (HOA) with the land owner, Railway Assets Corporation.

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It said that as consideration for the sale of the said land to carry out the development, RM156.5 million will be provided to the land owner, comprising RM54.1 million cash and 338 units of affordable housing following the affordable housing category C3 specifications established by the Penang state government, worth RM102.4 million.

“Later on, as the next phase to this development, Rivanis Ventures will be given the first right of refusal to develop the adjacent land measuring 7.96 hectares,” it added.

Barring any unforeseen circumstances, the JVSHA and HOA are expected to be completed within 60 days from the date of the HOA, which is expected to be completed in the first quarter of 2025, it said.

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In a separate statement, Kerjaya Prospek said the mixed development, which is expected to commence by the end of 2024, is planned to be completed in stages over seven years.

Its chief executive officer and executive director Tee Eng Tiong said this project presents a unique opportunity for the group to create sustainable, high-quality residential and commercial spaces in Penang.

“This venture reflects our shared vision to support Penang’s urban development and enhance accessibility for the community.

“The subsequent right of refusal to develop the adjacent land provides a potential for further expansion, reinforcing our growing footprint in Penang’s property market,” he said.

-- BERNAMA