KSH wins S$98.94m contract to construct NEWest

Mixed-used development set to rise by 2016.

In a release, KSH Holdings Limited (KSH) announced that it has been awarded a S$98.94 million construction contract from Oxley Viva Pte. Ltd. (Oxley Viva). This is for the construction of NEWest, a mixed-use development located at West Coast Drive in District 5. Construction for NEWest is expected to commence in September 2013, with completion expected within 30 months.

The Group has a 12.25% equity interest in Oxley Viva through its 35%-owned associated company, Unique Consortium Pte. Ltd., which has a 35% stake in Oxley Viva.

Said Mr. Choo Chee Onn, Executive Chairman and Managing Director of KSH, “We are delighted to win the mandate to construct NEWest, a unique and prestigious mixed-use development in western Singapore. It is again a hallmark of KSH’s proven capability in building diverse types of developments within the commercial, industrial, institutional and residential sectors.”

NEWest is a mixed-use development with a 956-year tenure, comprising of 5-storey and 12-storey apartment blocks. The construction contract for NEWest entails the construction of 136 residential units. This includes various unit mixes from 1-bedroom apartments to 3-bedroom penthouses with Triplex units. KSH will also be constructing the residential carparks on the 2nd and 3rd storey, 141 commercial units comprising of supermarket, kiosks and shops on the 1st storey and commercial carparks at basement level.

Added Mr. Choo, “Prior to this win, the Group has also won construction contracts to build a mixed property development project in Beijing, PRC; a Multi-Utility Hub at Mediapolis for JTC Corporation; and Q Bay Residences, the first private condominium to launch in 2013. KSH has the capability to execute more construction projects and we shall continue to tender selectively for projects, paying greater emphasis to opportunities in the public sector.”

Year-to-date, KSH has won construction projects amounting to S$301.1 million in Singapore and RMB157.0 million in Beijing, PRC. KSH’s existing construction order book, which stands at approximately S$478.0 million, is expected to contribute to the Group’s financial results up till FY2016.