TA unit bags $117m deal to design, build condo

http://www.businesstimes.com.sg/arch...condo-20121205

Published December 05, 2012

TA unit bags $117m deal to design, build condo

By carine lee


TA Corporation Ltd's wholly owned subsidiary, Tiong Aik Construction Pte Ltd, has secured a $116.7 million construction contract to design and build a residential site at Dairy Farm Road.

The contract was awarded by Bukit Timah Green Development Pte Ltd, a 50:50 joint venture between Meadows Bright Development Pte Ltd and First Shine Properties Pte Ltd. Meadows is an associate company of TA Corporation and First Shine is wholly owned by Hock Lian Seng Holdings Limited.

"This joint-venture development will be our largest private residential development in Singapore to-date and we are excited to have the opportunity, together with our JV partners, to bring yet another quality condominium to the market," said TA Corporation CEO Neo Tiam Boon yesterday.

Located in the heart of Dairy Farm Estate, the site will be developed into six blocks of 15-storey residential condominium of more than 400 units with a basement carpark, swimming pools, club house and communal facilities.

Construction is expected to commence in the first half of 2013 and slated for completion by 2015.

The contract win follows the announcement in September that TA Corporation and three joint-venture partners had been awarded the tender for the 99-year leasehold private residential estate at Dairy Farm Road.

The latest contract is not expected to have a material financial impact on the net tangible assets and earnings per share of the group for the current financial year ending Dec 31, 2012. However, it will be progressively recognised over the next 36 months.

The orderbook for the group's construction business now stands at approximately $486.5 million.

TA Corporation shares closed trading yesterday up half a cent at 34.5 cents.