KUALA LUMPUR: Kerjaya Prospek Property Bhd will be expanding its land bank as part of its aim to beef up its property development and investment arm.
According to executive chairman Datin Toh Siew Chuon, the company will continue to take every single opportunity to identify and acquire land and expand its development portfolio.
“For instance, the group has acquired a piece of leasehold land measuring about 5.1 acres in Seksyen 13, Petaling Jaya, on June 18, 2021.
“It is estimated that the proposed development would generate a gross development value of about RM650mil,” Toh said in the group’s recently released 2021 annual report.
Moving forward, she said Kerjaya Prospek will be scaling up its property development and investment arm significantly.
According to executive chairman Datin Toh Siew Chuon, the company will continue to take every single opportunity to identify and acquire land and expand its development portfolio.
“With such a diversified mix of property assets ranging from residential and commercial development, investment properties and sizeable land bank, we will be well positioned to take advantage of the current soft property market where we are able to acquire high value pockets of lands at reasonable cost.”
Additionally, she said the country’s economy is expected to recover gradually in stages, in tandem with the continuous increase in Covid-19 vaccinations.
“The group anticipates the sector to improve as the government has initiated several incentives to rejuvenate the property market.
“With the various initiatives such as the Home Ownership Campaign (HOC), stamp duty exemption and various measures in place, we are certainly able to gain headway with our ongoing projects as we continue to grow,” she said.
The HOC was initially kicked off in January 2019 to address the overhang problem in the country.
The campaign, which was initially intended for six months, was extended for a full year.
It proved successful, having generated sales totalling RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.
The government reintroduced the HOC in June last year under the Penjana initiative to boost the property market after it was adversely affected by the Covid-19 pandemic.
The campaign has been extended to the end of this year, with property consultants and developers fully supporting the move.
Additionally, Toh said she is cautiously optimistic about the group’s prospects, going forward, especially in light of the expedited rollout of the country’s mass vaccination programme.
“We remain motivated towards our ongoing development projects such as Bloomsvale at Old Klang Road, Kuala Lumpur, and Straits Residences at Seri Tanjung Pinang, Penang, as the unbilled sales are recorded at RM280.6mil and RM63.1mil, respectively, as compared to RM227.2mil and RM42.6mil in the preceding year.
“While we continue to develop our digital platform and improve our operational effectiveness, we would also ensure that the self-development, mental and emotional well-being of our employees is being well taken care of during this ongoing Covid-19 pandemic.”
Amid the challenges of the pandemic, Toh said Kerjaya Prospek has swiftly attuned itself to the new norm by learning new skills and continuously sharpening its existing skills.
This, she said, is to keep up with the current market trend and also to continue being able to meet consumers’ expectations and needs in the long run.
“During this period of heavier reliance on digital technologies, we are glad to announce that we have achieved a 100% take-up rate for our Kaleidoscope Project in Setiawangsa, Kuala Lumpur.
“Notwithstanding the inaccessibility of the conventional method of property sales, this humble achievement simply demonstrates our team’s aptitude in seizing every opportunity despite the challenges faced during this period of soft property market.”