Kerjaya Prospek Group Bhd has secured a substantial contract worth RM502.27 million from Tanjung Pinang Development Sdn Bhd to undertake reclamation and dredging works for the Seri Tanjung Pinang (Phase 2B and 2C) Development, also known as STP2, in Penang.
The contract was awarded to Kerjaya Prospek’s wholly-owned subsidiary, Future Rock Sdn Bhd, which received the official letter of award on Monday, 23 February. Tanjung Pinang Development Sdn Bhd is an indirect subsidiary of Eastern & Oriental Bhd (E&O), the developer behind the 760-acre Andaman Island development located in Tanjung Tokong, Penang.
Under the agreement, Kerjaya Prospek is tasked with the execution and completion of the reclamation and dredging works, which are scheduled to commence on 11 March 2026. The project is expected to be completed before 31 March 2029, spanning a three-year timeline.
The STP2 development represents a major expansion of E&O’s iconic Andaman Island project and is set to enhance the waterfront landscape of Tanjung Tokong, providing opportunities for residential, commercial, and recreational growth in the area. For Kerjaya Prospek, the contract is expected to contribute an additional revenue stream over the next three years and further strengthen the company’s existing order book.
Following the announcement, Kerjaya Prospek’s shares were trading slightly lower, down 0.79% at RM2.52 during Monday’s midday session, giving the company a market valuation of approximately RM3.19 billion.
With this new contract, Kerjaya Prospek continues to reinforce its position as a leading player in civil engineering and infrastructure projects in Malaysia, particularly in high-value reclamation and dredging works. The successful execution of STP2 is expected to further enhance the group’s portfolio and reputation for delivering large-scale, complex marine and coastal development projects.
