Singapore-based construction, property development and property management group KSH Holdings has secured a $195m (SGD266.3m) contract to build nine 17-storey apartment blocks at Riverfront Residences.
In November 2017, the KSH group, which owns a 35% stake in the development project, had announced a letter of intent for the construction of the project.
It has taken possession of the site in August 2018 and expects to commence construction in November 2018. The project is expected to be completed in February 2022.
Situated along 347 Hougang Avenue 7, the Riverfront Residences Singapore project is a joint venture between KSH Holdings, Oxley and Lian Beng.
The team has secured a 99-year leasehold and the housing development will be located on 36,811m².
The project will offer approximately 1,470 units and will consist of nine blocks of 17-storey apartments and 21 units of strata-landed houses. It will also comprise six shops with two basement car parks, landscape deck and communal facilities at the Hougang Avenue 7 site.
It will offer a variety of bedrooms, ranging from 1-bedder to villa.
Set to be the biggest property in district 19, the development is located in front of the scenic Sungei Serangoon river.
Launched in July 2018, Riverfront Residences has sold more than 45% of its units.
KSH Holdingsexecutive chairman and managing director Choo Chee Onn said: “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.”
Image: The location of the Riverfront Residences project on the banks of Sungei Serangoon in Singapore. Photo: courtesy of riverfrontresidences.