KSH Wins Deal To Build Boutique Hotel

Source : The Business Times, September 11, 2007

The project will be part of Marina Bay's newest lifestyle hub

KSH Holdings, a construction and property development group, yesterday said it has won a contract to build a luxury boutique hotel at Clifford Pier.

The contract, which BT understands is worth close to $120 million, is awarded by Hong-Kong listed property group Sino Land, the sister company of Singapore property giant Far East Organization.

The Clifford Pier hotel will be part of Marina Bay's newest lifestyle hub, and will offer a wide mix of complementary uses, including F&B, retail and entertainment outlets, KSH said.

Work on the project will start this month and is expected to be completed within 20 months.

In December last year, Sino Land won the hotly contested site at Collyer Quay. The site also includes the single-storey Clifford Pier and the former two-storey Customs Harbour Branch Building.

Then Sino Land, which is controlled by the family of property magnate Ng Teng Fong, put in the two highest bids out of the three short-listed.

The winning tender of $165.8 million was anchored by a luxury boutique hotel featuring about 120 rooms with 'full sea views'.

KSH said that under the terms of the contract, it will provide a range of services for the building of the six-storey hotel, including conserving Clifford Pier and the former Customs Harbour Branch Building.

The new contract brings the total value of construction contracts secured by the company since the beginning of this year to $279 million. The contract also brings the existing order books of the company's construction business to a new high of $405 million.

'Going forward, we are confident that this mega project will further enhance our track record and put us in an excellent position to secure prestigious projects of higher contract values,' said Choo Chee Onn, KSH's executive chairman.

The company also said that its fully owned subsidiary Kim Seng Heng Engineering Construction recently secured three new contracts with a combined value of $63.9 million.

KSH's shares gained 3 cents to close at $1.12 yesterday.