Singapore-listed construction and property grouo KSH Holdings has secured a $266.3 million contract to develop Riverfront Residences located on the Hougang Avenue 7 site. KSH Holdings owns a 35% stake in the development as part of a consortium along with listed property group Oxley Holdings (35%); SLB Development, the property arm of listed construction company Lian Beng Group (20%); and the Teo family of Super Group’s investment vehicle, Apricot Capital (10%). The consortium had purchased the former privatised HUDC estate Rio Casa en bloc for $575 million in May last year.

KSH announced that it has taken over possession of the site on August 8, and construction is targeted to start in November. Riverfront Residences will comprise nine 17-storey apartment blocks and 21 strata landed houses with a total of 1,472 residential units, six shops, two basement carparks, a landscaped deck and communal facilities sitting on a site of 396,235 sq ft. The project is expected to complete in February 2022.

Since its launch on Jul 5, has so far sold over 45% of its units, achieving an average selling price of $1,300 psf, based on caveats lodged to date, that KSH says is “within expectations”.

Choo Chee Onn, executive chairman and managing director of KSH Holdings says, “Taking the lead in the construction allows us to play an active role in managing project costs efficiently to optimise margins both for our construction contract and for the development project’s profitability amidst the challenging operating environment.”

The new construction contract will lift KSH Holding’s order book to more than $577million, that will be progressively recognised up to FY2022.