Jurong West executive condo tender awarded to Koh Brothers-Heeton JV

Secured winning bid of $198.9m.

Koh Brothers Group Limited (Koh Brothers) and Heeton Holdings Limited (Heeton) announced that their joint venture has been awarded the mandate to develop an executive condominium (EC) site at Westwood Avenue in Jurong West, Singapore.

The joint venture, which is between Koh Brothers’ subsidiary Changi Properties Pte Ltd and Heeton Homes Pte Ltd, a subsidiary of Heeton, had submitted a bid of $382 per square foot per plot ratio (psf ppr), or S$198.9 million.

The 99-year leasehold site straddles on a land area of 186,052 sq ft and has a maximum gross floor area of approximately 520,945 sq ft. The site is slated for the development of an EC comprising an estimated 480 residential units, ranging from two-bedrooms to five-bedrooms.

On winning this tender, Mr Francis Koh, Managing Director and Group CEO of Koh Brothers, said: “Together with our partner, Heeton, we are excited to kick-off 2014 with this very first EC tender awarded by HDB. We are very pleased to have won this highly contested tender, given its attractive location and the ongoing transformation of the Jurong vicinity."

"Located near Gek Poh Shopping Centre, Pioneer Mall, Jurong West Stadium, Jurong West Public Library and Nanyang Technological University, this site is family-friendly, as it is in an established neighbourhood that has education and lifestyle options readily available to the estate’s residents. In addition, there is also a limited supply of executive condominium developments in western Singapore, in comparison to other parts of Singapore. Hence we anticipate that the development will enjoy strong interest from buyers, particularly from public housing upgraders and first-time owner-occupiers.”

Mr Danny Low, Chief Operating Officer of Heeton Holdings, said: “We are very pleased that today’s award of the EC tender gives us an exciting opportunity to inject some discerning attributes of our higher end projects in Singapore into the EC market, thereby, offering wider lifestyle choices to the EC home buyers. We believe this coupled with excellent locale will serve the EC buyers well.”