Property group KSH Holdings has secured the contract for the redevelopment of Riverfront Residences in Hougang, Singapore, a project it owns a 35% of.
The $194.5 million contract will see KSH build nine blocks of 17-storey apartments and 21 units of strata landed houses as well as stores, car parks and communal facilities. Construction is expected to begin in November 2018 and finish in February 2022.
KSH has a 35% stake in the consortium that bought the former Rio Casa estate in May 2017. Riverfront Residences was launched in July 2018 and sold 52% of its units within a month.
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KSH executive chairman and managing director Choo Chee Onn said in a media statement: “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.
“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. We are also 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.”