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Koh Brothers wins $58.9m HDB contract

Posted on 1 Sep 2009 | Comments Off

CONSTRUCTION company Koh Brothers Group has clinched a $58.9 million contract from the Housing and Development Board (HDB) to build the second part of Punggol Waterway – a 4.2km waterway that will be connected to Sungei Punggol.

In January, Koh Brothers won a $144.6 million contract from the HDB for the construction of the first part of the waterway.

The latest contract brings Koh Brothers’ order book to more than $579 million.

Construction of the second part of the waterway is set to start this month and is expected to be completed by the end of next year. Other ancillary works are expected to be completed by the fourth quarter of 2011.

The latest deal is not expected to have a positive material impact on the group’s financial performance for the year ending Dec 31, 2009.

Chief executive Francis Koh said that the company will continue to pursue public infrastructure and government building projects over private construction projects.

‘Our past record shows that public projects carry more certainty in terms of payment compared with private projects,’ said Mr Koh. Continue reading →

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Posted in Developers, HDB

Tagged Developers, HDB, HDB News, Housing Development Board, Koh Brothers Group

Merchant Sq, Katong bungalows up for sale

Posted on 1 Sep 2009 | Comments Off

MERCHANT Square in the Clemenceau Avenue area and four freehold strata bungalows at Bournemouth Road in the Katong locale are among the latest offerings in the property investment sales market.

The guide price for Merchant Square is about $48 million – or 34 per cent lower than the $73 million sought for the property in February last year.

Its owner, carpet manufacturer Jackson Carpet, did not get its asking price then for the property, which comprises offices, some shop space and 76 car park lots.

BT understands that the latest price reflects a net property yield of close to 4 per cent, based on Merchant Square’s current passing income.

The latest $48 million guide price is about $955 per square foot, based on Merchant Square’s 50,262 sq ft net lettable area. This compares with about $1,450 psf, based on last year’s $73 million price tag.

Merchant Square was completed in 1996 and is on a site with a remaining lease of about 83 years. It comprises a four-storey office tower, two blocks of shophouses, and a couple of basement levels for carpark lots. CB Richard Ellis is marketing Merchant Square through an expression of interest exercise that closes on Oct 6. Continue reading →