TA Corp bags S$116.7m contract to build Dairy Farm Road residential

Construction order book now stands at S$486.5m.

In a release, property and construction group TA Corporation Ltd (TA Corporation) announced that its wholly-owned subsidiary, Tiong Aik Construction Pte Ltd, has secured a S$116.7 million construction contract from Bukit Timah Green Development Pte Ltd (BTG Development), a 50:50 joint-venture company formed between Meadows Bright Development Pte Ltd (MBD) and First Shine Properties Pte Ltd (FSP), for the design and build of the Dairy Farm Road residential site.

MBD is an associate company of TA Corporation and FSP is a wholly-owned subsidiary of Hock Lian Seng Holdings Limited.

This latest contract win follows the previously announced award of tender for a 99-year leasehold private residential site at Dairy Farm Road by TA Corporation and three JV partners on September 26, 2012.

Situated in the heart of the Dairy Farm Estate, and at close proximity to the 164-hectare Bukit Timah Nature Reserve, the site will be developed into 6 blocks of 15 storey residential condominium of over 400 units with 1 basement carpark, swimming pools, club house and communal facilities.

With this latest contract win, the order book for the Group’s construction business stands at approximately S$486.5 million, and will be progressively recognised over the next 36 months.

Mr Neo Tiam Boon, PBM, the Chief Executive Officer and Executive Director of TA Corporation, “We are pleased to have secured the contract for the design and build of the Dairy Farm Road residential project. This joint-venture development will be our largest private residential development in Singapore to-date and we are excited to have the opportunity together with our JV partners, to bring yet another quality condominium to the market.”

Construction is expected to commence in first half 2013, and is slated for completion by around 2015.

The latest contract is not expected to have a material financial impact on the net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2012.

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