Artist’s impression
Kerjaya Prospek Group Bhd has entered into a joint venture with Aspen Vision Development Sdn Bhd (AVD), a subsidiary of Singapore-listed Aspen (Group) Holdings Ltd, to undertake a mixed-use development on a 34.84-acre site in Prai, Penang. The project, located on land owned by Railway Assets Corp (RAC), marks a further expansion of Kerjaya Prospek’s presence in the northern property market.
The development will be carried out through a special-purpose vehicle, Rivanis Ventures Sdn Bhd (RVSB), in which Kerjaya Prospek’s wholly owned unit Futuprop Sdn Bhd holds a 55% stake, while AVD owns the remaining 45%. According to a Bursa Malaysia filing, RVSB has signed a development agreement with RAC to acquire and develop the land for RM156.49 million. The project is expected to be implemented in phases over seven years.
Plans for the site include 338 affordable housing units, together with residential properties, serviced apartments, and commercial retail and office components. The final gross development value and overall development cost have yet to be determined, as these will depend on market conditions, development timing, pricing, and the eventual mix of units.
Situated in Prai, the site enjoys connectivity to Butterworth, Bukit Mertajam and Penang Island via the Penang Bridge. The proposed development remains subject to vacant possession of the land and approvals from relevant authorities, including the Ministry of Transport and Seberang Perai City Council.
Funding for the project will come from a combination of shareholder contributions and external financing, with the exact structure yet to be finalised. Barring unforeseen circumstances, the land acquisition is expected to be completed by September.
