Kerjaya Prospek Group Berhad announced that its wholly owned subsidiary, Futuprop Sdn. Bhd., has entered into a joint venture cum shareholders' agreement with Aspen Vision Development Sdn. Bhd. to undertake a mixed development on a 36-acre land in Seberang Perai Tengah, Penang.

The group said the development will primarily comprise 338 units of affordable housing, 1,680 residential units, 1,680 serviced apartments, as well as commercial retail shops and offices. Construction which is expected to commence by end 2024, is planned to be completed in stages over a period of seven years. The land is in close proximity to Penang Sentral, a major transportation hub that will feature a light rail transit terminal.

It added the LRT expansion at Penang Sentral, together with the upcoming Juru-Sungai Dua Elevated Highway, will further enhance accessibility and connectivity to the area. The latter is already strategically located in a vicinity which offers direct connectivity to Butterworth, Bukit Mertajam, and Penang Island via the Penang Bridge. It is also accessible from the north via the North-South Expressway.

Rivanis Ventures Sdn. Bhd., a special purpose vehicle incorporated for this joint venture, in which Kerjaya holds a 55% stake, while Aspen Vision holds the remaining 45%, will be spearheading the development. As consideration for the sale of the said land to carry out the proposed development, RM156.5 million will be provided to the land owner, comprising RM54.1 million cash and 338 units of affordable housing in accordance with the Affordable Housing Category C3 specifications established by the Penang state government, worth RM102.4 million. Later on, as the next phase to this development, Rivanis Ventures will be given the first right of refusal to develop the adjacent land measuring 19.68 acres.