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A unit of construction firm BBR Holdings has secured a S$116 million design-and-build contract for a mixed-use development in Yishun Avenue 4, the mainboard-listed firm said in a Singapore Exchange filing on Thursday.
The contract was awarded by a consortium that counts BBR as one of the main parties.
Subsidiaries of BBR had won the 99-year leasehold plot at a state land tender in January this year, leading a consortium that included Santarli, MUSE Capital and AHPL (Investments). Their winning bid for the site was S$185.1 million or S$629 per sq ft per plot ratio.
BBR had held a 50.1 per cent effective stake in the project as at Feb 2 but that was later diluted to around 25 per cent after it sold off half to Hexacon Construction in March, according to Singapore Exchange filings.
The integrated project will be the first in Singapore under the government land sales (GLS) programme to require the use of prefabricated, prefinished volumetric construction (PPVC) technology, the company said.
PPVC involves assembling whole rooms or apartment units that are manufactured off-site.
The development is made up of Wisteria Mall and a residential component called The Wisteria. The residential component will have prefabricated bathrooms.