Top 40 Richest Malaysians: Part 8 – Business News



Flagship: Kerjaya Prospek Group Bhd

Net worth: RM1.25bil

OVER the course of one year, Tee, who was ranked 34th in 2018, slipped two places to 36th, following a decline of RM400mil in wealth.

Kerjaya Prospek’s share price plunged 36% during the 12-month period.

Tee controls Kerjaya Prospek through a private vehicle, Amazing Parade Sdn Bhd, which has a 70.8% stake in Kerjaya Prospek. Its clients include major property developers who see the use of the industrialised building system, which the company has been deploying since 2010, as cost- and time-effective.

Tee also has a stake in Eastern & Oriental Bhd (E&O), a relationship that goes back to a time when Kerjaya Prospek was known as Fututech Bhd and was an associate of E&O. He also sits on the board of E&O.

Kerjaya Prospek is developing a mixed-development project with a gross development value of RM1.1bil at Old Klang Road, expected to be launched by the first quarter of this year.

The project, sprawled over 5.19 acres and slated for completion in 2022, will consist of the 276-room “Courtyard by Marriot,” two towers of 68-storey service apartments and offices.

According to reports, the group is expecting a “much better” year in 2019, as it is currently tendering for about RM1.5bil worth of projects with a success rate of about 20%.

Kerjaya Prospek targeted to secure RM1bil worth of jobs last year and achieved RM989.8mil.

The company’s outstanding order book stood at RM3.02bil as at end-2018.

The company’s net profit grew 19% to RM34.03mil for the fourth quarter

ended Dec 31, 2018 from RM28.58mil, while quarterly revenue during the period rose 5.2% to RM265.33mil from RM252.31mil in the previous corresponding period.

In November 2018, the group secured two contracts worth RM282.25mil from Nusmetro Group for substructure works of a commercial development comprising a three-storey basement carpark and 51-storey office building in Mont Kiara worth RM29.8mil.

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