Kerjaya Prospek Property Bhd (KL:KPPROP) is in no rush to launch new large-scale projects, preferring instead to take it slow and steady. The property developer has lined up two projects to be launched in the financial year ending March 31,2025 (FY2025), but is cautioning investors of a modest drop in net profit and revenue this financial year before a rebound.

Executive chairperson Datin Seri Toh Siew Chuon says the two projects to be launched in FY2025 will have a combined gross development value (GDV) of RM550 million.

“With smaller project launches planned, we would expect net profit and revenue to come in slightly lower in FY2025 versus the prior year,” she tells The Edge in an interview.

Still, Kerjaya Prospek Property is hoping to nearly double its property sales this financial year to RM100 million from RM52 million in FY2024. It has unbilled sales of RM133 million from its existing projects as at end-March 2024 that will be recognised in FY2025.

The projections come as the group saw a 2% increase in net profit to RM93.15 million for FY2024, compared with RM91.51 million in the previous financial year, aided by cost optimisation measures. However, revenue for FY2024 fell 9% year on year to RM337.06 million from RM370.62 million due to lower progressive recognition from ongoing development projects.

The first project to be launched in September or October features a 52-storey serviced apartment block consisting of 587 units in Jalan Sentul Pasar, Kuala Lumpur, with a GDV of RM300 million. The project spans 2.3 acres.