$145m HDB contract for Koh Brothers

Yesterday, the Housing and Development Board (HDB) announced that Koh Brothers has won the contract worth $144.6 million to construct the Punggol Waterway’s first part. Due to the win, Koh Brothers now has about over $690 million value of contracts.

The waterway is scheduled to be constructed by next month, and is projected to be finished by Q4 2010. The building of the waterway is planned by the government, in order to establish Punggol as a “waterfront town”.  

Koh Brothers anticipates that their winning of the contract will have a positive effect on the company’s financial performance for the current year, ending 31 December 2009. Mr. Francis Koh, Koh Brothers CEO, expressed confidence on their company’s track record and capability to innovate, which allows the company to bid for projects with higher value.

The contract was awarded by the HDB to the Koh Brothers Building & Civil Engineering Contractor, a fully-owned subsidiary of Koh Brothers. It will be in charge of the construction of the waterway which will extend up to 2.4 km, as well as other related engineering projects in Punggol. This 2.4km waterway is the first step to complete the projected 4.2 km waterway linked to Sungei Punggol.

“Residents can look forward to enjoying various recreational activities ranging from water sports to a leisurely walk along a landscaped promenade on both banks of the waterway”, said HDB.

Over 4,000 apartments were launched by the HDB in Punggol area the previous year. A site is also intended to be launched by the agency at the town centre of Punggol, which is set to contain a mixture of private and commercial residential development by year 2010 or 2011.

By the end of 2011, around 23,000 completed apartments are projected in Punggol. Another 21,000 private and public flats are set to be constructed in due course, alongside the waterway, said HDB.