KEB BERHAD (0481.KL)
- Sector
- Property
- Price
- RM 0.350 (0.00%)
- Market cap
- 308.8M MYR
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About KEB BERHAD
Company Description
KEB Berhad is a Malaysian property developer whose operating history began in 2004, when LKC Ventures acquired KEB Properties, its first subsidiary. The holding company was incorporated in 2023, became a public company in 2025, and is set to list on the ACE Market of Bursa Malaysia on 16 November 2026. It is based in the Klang Valley and is concentrated mainly in Cheras, Kajang and Semenyih, with a presence across Selangor, Negeri Sembilan and Melaka. KEB develops high-rise residential condominiums and service apartments, affordable housing (including RSKU units), mixed-use developments, commercial shoplots, and industrial factories such as the K2, K10 and K23 factories. It targets affordable-to-medium-priced buyers. Construction is handled in-house through KEB Utama, a CIDB Grade 7 contractor.
Business Model
KEB acquires land, develops it, and sells properties, recognising revenue through progress billings as units are sold and construction advances. Land is acquired through direct purchases or through joint ventures with landowners. Its key strategic advantage is KEB Utama, the in-house construction arm, which handles almost all of its projects. This gives KEB tighter control over cost, quality and timelines. As a result, gross margins ranged from 27% to 35% and PAT margins from 13% to 18% between FY2022 and FY2025, above the industry average. Timely payments to subcontractors and suppliers further help contain cost pressure. Past projects were typically fully sold before completion, with take-up above 99%. Management aims to launch RM300m to RM400m in GDV annually, targeting earnings growth of 5% to 10% a year, and has a post-listing dividend payout policy of 30% to 50% of PAT.
Revenue Segment
In FY2025, KEB's revenue was RM359.3m, coming entirely from property development and sales. Residensi Cove contributed RM310.2m, or 86.3% of revenue. Residensi Palma Elit, launched in March 2025, contributed RM21.7m, or 6.0%. The remaining RM27.4m, or 7.6%, came from the group's other projects.
Geographic Segment
In FY2025, Melaka contributed 86.3% of revenue, all of it from Residensi Cove in Kota Syahbandar within the Melaka Waterfront Economic Zone. The remaining 13.7% came from the group's other projects, mainly in the Klang Valley in Selangor. Of that, Residensi Palma Elit in Kajang contributed 6.0%.
Top Client
KEB's key customer group is affordable-to-medium-priced homebuyers in the southern Klang Valley fringe areas of Cheras, Kajang, Semenyih and Ulu Langat, as well as in Melaka. No individual customers are named. Its major named contracting party is subcontractor Taghill Projects, which accounted for 37.5% of purchases in the first four months of FY2026.
Operational Scale
To date, KEB has completed 14 projects with a total GDV of RM1.35bn, covering 65.99 acres and 3,256 launched units. It has four ongoing projects with a combined GDV of RM1.36bn:
- Residensi Cove (1,951 units) was 96.1% sold and 96.5% complete as of September 2026.
- Residensi Palma Elit (232 units) was 90.5% sold and 88.0% complete.
- Residensi Embun Palma (349 units) is due to launch in the fourth quarter of 2026.
- Residensi Jentayu (1,404 units) is due to launch in the first quarter of 2027.
Two further projects are planned: Beranang (728 units) in 2027 and Bandar Mahkota Cheras (332 units) in 2028, with a combined GDV of RM382.7m. The landbank has grown from 29.77 acres at the end of FY2025 to 60.01 acres. This includes 16.09 acres pending acquisition at a cost of RM78.5m, which management indicates could carry a GDV of about RM1.0bn.
Associate Companies
No associate companies are named. KEB operates through seven wholly-owned (100%) subsidiaries: KEB Land, KEB Netizen, KEB Properties, KEB Region, KEB Residence, KEB Resources, and KEB Utama, the in-house construction arm. The group also has a joint venture development arrangement with landowners, but the partners and holding percentage are not disclosed.