KSH secures $70.6mln Centennia Suites project

Existing order book now stands at approximately $355mln.

KSH Holdings Limited (KSH) on Thursday announced a new contract win worth S$70.6 million from Lippo Real Estate Pte. Limited, a subsidiary company under Lippo Group, for the construction of Centennia Suites – a luxury 36-storey freehold strata development in the prime River Valley Road area. This is the second residential project that the Group has been awarded by Lippo Group, following the ongoing Marina Collection residential development at Sentosa Cove, according to a KSH report.

With this new contract win, the existing order book of the Group’s Construction business now stands at approximately S$355.0 million. The unfulfilled contract value for all existing contracts on hand is expected to be completed by May 2013.

Details of Centennia Suites
Rising tall from the edge of the Singapore River is Centennia Suites, a 36-storey luxury freehold strata development with 97 exclusive residential units. Inspired by the intricate patterns of flowing water, the simple and uncluttered contoured architectural exterior is set to be a towering icon in the River Valley precinct.

Under the terms of the contract, KSH will commence construction, completion and maintenance works on the development’s 36-storey residential tower block. This includes one level basement carpark, ancillary buildings, communal facilities and other associated works.

Construction is scheduled to commence on July 15, 2010 and is expected to be completed within 34 months.

Said Mr Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings, “We are pleased to secure the Centennia Suites construction contract in our portfolio of luxury residential projects. Having gained expertise from working on similar projects in the past, this is the second high-end luxury residential project that was awarded to us by Lippo Group since the previous Marina Collection residential development at Sentosa Cove. We believe that this contract win serves as a vote of confidence in the high quality of work that KSH is known to deliver.

“At the same time, we will continue to maintain a healthy balance of both public and private projects. We do so with the aim of diversifying our portfolio in the construction business, and in turn develop a competitive edge that will allow us to tender for a wide range of projects in both the public and private sectors.”

Besides the newly awarded contract, KSH had in December last year announced its second contract win from the National University of Singapore (NUS). Worth approximately S$40.3 million, the contract is for the construction of a four-storey Education Resource Centre at the NUS University Town. In the private residential segment, KSH was awarded a S$36.0 million contract in November 2009, for the construction of Watten Residences, a luxury 59-unit freehold development in the prime Bukit Timah area.