Complete Property Market Updates of Singapore

April 23, 2008

KSH wins $53m KepLand deal

Filed under: General — Propertymarketupdates @ 4:31 am

CONSTRUCTION and property group KSH Holdings has secured a contract worth about $53 million from a Keppel Land subsidiary.

The contract from Keppel Land Realty is for the construction of Madison Residences, an 18-storey luxury condominium development at Bukit Timah Road.

Construction work is scheduled to begin in June and expected to be completed within 130 weeks.

Choo Chee Onn, executive chairman and managing director of KSH Holdings, said: ‘Including this contract, our total contract value secured within the first three months of this year has exceeded $277 million, more than half of the $510 million we had achieved for 2007.’

Existing orders now stand at more than $658 million, with the unfulfilled contract value for all existing contracts on hand expected to cover up till the third quarter of the financial year ending March 31, 2011.

Mr Choo added that KSH would continue to expand its clientele base to include more blue-chip property developers.

Besides the Madison Residences deal, the group’s current residential contracts include three at Sentosa Cove. These include the $121 million The Coast contract and the $65 million Turquoise contract, both from Ho Bee Group.

The third, Seascape At Sentosa Cove, was awarded by Seaview (Sentosa), a co-owned company of Ho Bee and IOI Group.

Other residential projects on hand include a $53 million high-end condominium residential project at Orange Grove Road, also from Ho Bee, and a $32 million contract for the construction of landed housing at Old Holland Road from developer Brisbane Development.

Source : Business Times – 3 Apr 2008


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