Kerjaya Prospek Property To Continue Expanding Its Land Bank

KUALA LUMPUR, Nov 26 (Bernama) -- Kerjaya Prospek Property Bhd will continue to pursue strategic land acquisitions and expand its land bank, driven by the group's currently robust and resilient financial position while ensuring seamless progress on future development projects.

Executive chairperson Datin Seri Toh Siew Chuon said the group is positive about its two upcoming launches in Shah Alam and Damansara Damai next year, which have a combined estimated gross development value (GDV) of RM700 million, while the Vox Resident, which was recently launched in September, has achieved a take-up rate of about 7.0 per cent.

"Through prudent cost management and strategic decision-making, we remain committed to monitoring market demand and achieving sustainable business growth.

"The recent opening of Bloomsvale Shopping Gallery, Office Suites, and the four-star Courtyard by Marriott KL South Hotel is expected to contribute to the group's recurring earnings and strengthen overall financial performance," she told a media briefing on the group's second quarter financial performance ended Sept 30, 2024 (2Q 2024) here, today.

Barring any unforeseen circumstances, she said the group remains cautiously optimistic about delivering a positive performance, although it anticipates a softer outcome for the financial year ending March 31, 2025. 

To date, the group's gross land bank of 24.69 hectares with a potential GDV of RM3.8 billion.

Kerjaya Prospek Property recorded a lower net profit of RM4.30 million for 2Q 2024 versus RM22.79 million a year ago while revenue fell to RM47 million from RM92.41 million previously.

The contraction in both revenue and net profit was attributable to the reduced contribution from the Bloomsvale project, the group said.

-- BERNAMA