KSH secures $266.3mil contract to build Riverfront Residences

Eugenia 27 Aug 2018

KSH Holdings has been awarded a $266.3 million contract to develop Riverfront Residences in Hougang.

 “We are pleased that the project has so far resonated well with the market as the consortium continues to monitor the market carefully to push sales appropriately at the right prices.”

 The contract will see KSH build “nine blocks of 17-storey apartments and 21 units of strata landed houses that will comprise a total of 1,472 units; six shops with two basement carparks, a landscape deck and communal facilities at the Hougang Avenue 7 site”, said the company in an SGX filing.

More: See our in-depth project review of Riverfront Residences

 In fact, the group, which owns a 35 percent stake in the project, has since taken possession of the site on 8 August, with construction set to commence in November and completed by February 2022.

 Launched in July, Riverfront Residences has so far sold more than 45 percent of its units, achieving average selling prices that are within expectations.

More: Step-By-Step Guide To Buying A Condo

 “We are pleased to be entrusted by the consortium to play a dual-role in this project as both a joint-developer and contractor. This also demonstrates the operational synergies between our property development and construction pillars within our diversified business model,” said KSH Holdings executive chairman and managing director Choo Chee Onn.

 “Taking the lead in the construction allows us to play an active role in managing project costs efficiently to optimise margins both for our construction contract and for the development project’s profitability amidst the challenging operating environment.”

 KSH revealed that the new construction contract lifted their order book by over $577 million, to be progressively recognised up to FY2022.

Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg


You may also like these articles

The best of riverfront living

Façade of UP@Robertson Quay, a captivating condominium located along the Singapore River. Special Advertising Feature CDL redefines riverfront living with its thoughtful and smart design, mode

Continue Reading26 Aug 2016

Over 7,000 visited Riverfront Residences showflat

Crowds braved the rain for the opening of Riverfront Residences over the weekend.More than 7,000 people visited the Riverfront Residences showflat, a 1,472-unit residential project with six retail sho

Continue Reading25 Jun 2018

RTS link to continue despite missing deadline to form JV

Map of Rapid Transit System (RTS) route expected to be completed by 2024Singapore’s Transport Minister Khaw Boon Wan held a meeting with his Malaysian counterpart Anthony Loke last week to talk abou

Continue Reading24 Aug 2018

5 Singapore properties that ‘Crazy Rich Asians’ will love

Luxury homes set the scene throughout Crazy Rich Asians, the film based on the Kevin Kwan novel of the same name, which hit cinemas last week. Image: Warner Bros. PicturesIt’s no surprise that Singa

Continue Reading27 Aug 2018