As property developers are given the option to take on the role of moneylenders to homebuyers who cannot obtain bank loans, it remains to be seen whether they will jump on the bandwagon en masse. According to market observers, the established players with deep pockets are likely to explore this option to boost their sales compared with their smaller, highly geared counterparts.
Contrary to the expectation of most economists, Bank Negara Malaysia cut the overnight policy rate (OPR) by 25 basis points to 3% last Wednesday, following its counterparts from Indonesia, Singapore and Taiwan. It was the central bank’s first rate cut since 2009, after the global financial crisis. Its readiness to support short-term growth via monetary easing has been viewed positively by the market — the ringgit has since appreciated 0.6% to 3.957 against the US dollar.
Set up in 1984, Penang-based Kerjaya Prospek has established a niche in building premium high-rise buildings with most of its equipment fully depreciated.
Earnings growth to be driven by its construction and power business segments.
Among the ongoing construction projects, include the construction of two main control buildings and four labs and civil work in Petronas complex in Pengerang, Johor (RM234.12 million), civil works at Rapid Steam Cracker Complex in Pengerang, Johor (RM94.94 million), Kompleks LKlM in Kuching (RM247.8 million), Bunus Regional Sewage Treatment Plant in Kuala Lumpur (RM291.1 million), Movenpick Spa Resort in Kuala Terengganu (RM1,285 million), and Medini Twin Towers in lskandar, Johor (RM195 million).
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