“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.
“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.