Building and construction company Lum Chang Holdings has announced that its subsidiary, Lum Chang Building Contractors (LCBC), has won a $119.4 million contract for the design, construction and maintenance of the Esparina Residences executive condo (EC) project.
Construction work on the 18-storey EC project is expected to begin in December 2010, and is estimated to be completed after 32 months.
“LCBC will recognise revenue from this contract progressively according to the stage of its completion . . . This latest award brings the total value of contracts still in progress to $736.8 million,” Lum Chang said.
The 99-year leasehold Esparina Residences EC is an 80:20 joint venture project between Frasers Centrepoint Ltd. and LCBC, which paid $315 psf ppr for the site during a public tender in March.
The 573-unit project, which is expected to be launched next month, comprises two, three and four-bedroom units and dual key units at an average price of about $750 psf.