http://www.businesstimes.com.sg/arch...-deal-20121208
Published December 08, 2012
Wee Hur bags Parc Centros construction deal
By carine lee
WEE Hur Holdings yesterday said its construction arm, Wee Hur Construction, has been awarded the $150 million building construction contract for the Parc Centros condominium in Punggol.
Parc Centros is a 65 per cent-owned joint venture project under the group's wholly-owned property development arm, Wee Hur Development. WM (Punggol Central) Pte Ltd and ZACD (Punggol Central) Pte Ltd hold the remaining stakes in Wee Hur (Punggol Central) Pte Ltd, a joint venture established in January 2012.
A 99-year leasehold property consisting of eight blocks of 16-storey buildings, Parc Centros will yield 618 condominium units. The project was launched in July this year and is already fully sold.
"The group's property development arm will continue to work hard to bring more construction orders to our construction arm," said Wee Hur's executive chairman and managing director Goh Yeow Lian.
While it is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the group for the financial year ending Dec 31, 2012, the latest deal brings the group's order book to about $540 million, with a steady stream of activities through to FY2015.
Wee Hur Construction is currently busy with the construction of its ongoing projects, among which are its own industrial property development project Premier@Kaki Bukit and residential development project Urban Residences.
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