Source : The Strait Times, Jan 9, 2008
KEPPEL Corp and its property arm, Keppel Land (KepLand), yesterday said the main contract for its huge Reflections at Keppel Bay condominium - awarded to Woh Hup Holdings - is worth a whopping $1 billion.
It is the largest condo construction contract in Singapore for Keppel, as well as for Woh Hup, which was started 80 years ago.
The project will add to the strong growth momentum of the construction sector in Singapore, said Knight Frank director of research and consultancy Nicholas Mak.
Indeed, the news - announced at yesterday's ground-breaking ceremony for the condo - comes at a busy time for Singapore's construction sector. Costs have risen significantly and most contractors are fully booked in the months ahead.
Still, Woh Hup vice-chairman Yong Tiam Yoon said rising costs are manageable - made easier by the fact that the firm has reliable suppliers.
As for the 1,129-unit Reflections condo, he said the costs are higher due to the construction of curved structures.
The condo is set for completion before 2013, with 509 unsold units due to go on the market 'some time this year'.
The second phase will be priced higher as there will be units facing better directions, said Mr Augustine Tan, chief executive, Singapore residential for KepLand.
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