You are here
Tiong Seng bags S$227.5m contract for Tan Quee Lan Street condo
CONSTRUCTION group and property developer Tiong Seng Holdings on Monday said it will build a private residential development on Tan Quee Lan Street for S$227.5 million.
The mainboard-listed firm's wholly-owned unit Tiong Seng Contractors was awarded the contract by MTG Apartments and MTG Retail - joint-venture firms formed by GuocoLand and Hong Leong subsidiaries.
The condominium project will include two 30-storey blocks housing more than 500 apartments, as well as a commercial component on the first storey.
It will also have retail space, an open public plaza, a car park, an underground pedestrian network and communal facilities such as a landscape deck, a pool and a clubhouse.
Site possession is expected to be in March this year, Tiong Seng said.
Last September, the tender for the 124,116 sq ft land plot, which sits next to the Bugis MRT station, was awarded to GuocoLand subsidiary GLL D, Intrepid Investments and Hong Realty with their bid of S$800.2 million.
The interest holdings of GLL D, Intrepid and Hong Realty in the property are 60 per cent, 30 per cent and 10 per cent respectively.
Intrepid and Hong Realty are subsidiaries of Hong Leong Investment Holdings.
Cheng Hsing Yao, GuocoLand managing director, has said that the project will focus on luxury family apartments, given its connectivity to several schools in the vicinity.
GuocoLand also said in October that it plans to build an underground pedestrian link between the Tan Quee Lan Street project and the upcoming Guoco Midtown along Beach Road.
On Monday, Tiong Seng said it will build the Tan Quee Lan Street project using its in-house prefabricated pre-finished volumetric construction (PPVC) technologies.
PPVC is a construction method in which free-standing three-dimensional modules are completed with internal finishes, fixtures and fittings off-site, and then delivered to be installed on-site.
Pek Lian Guan, chief executive of Tiong Seng, said this is the group's third contract clinched this year.
"As the built-environment sector continues to shift in favour of newer and more advanced technologies surrounding the design-for-manufacturing approach, we expect demand for solutions in this space to rise in the years ahead," he added.
None of Tiong Seng's directors or controlling shareholder has any interest in the contract.
The latest project wins increase the group's construction order book size to approximately S$1.2 billion extending to 2023.
Tiong Seng shares fell 0.4 Singapore cent or 3.2 per cent to finish at 12 cents on Monday.