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Lum Chang unit bags EC project

 
14 September 10 | The Business Times
by By Kalpana Rashiwala
 

LUM Chang Holdings said yesterday that subsidiary Lum Chang Building Contractors (LCBC) has been awarded the $119.4 million main contract for the design, construction and maintenance of the Esparina Residences executive condo (EC) project near Buangkok MRT Station.

Work on the 18-storey development is expected to begin in December this year and is estimated to take 32 months to complete.

'LCBC will recognise revenue from this contract progressively according to the stage of its completion . . . This latest award brings the total value of contracts still in progress to $736.8 million,' Lum Chang said in a statutory filing with the Singapore Exchange yesterday.

The Esparina Residences EC is being developed by an 80:20 joint venture between Frasers Centrepoint Limited and LCBC which in March this year paid a then-record price of $315 per square foot per plot ratio (psf ppr) for the 99-year leasehold site at a state tender.

The 573-unit project is slated for launch next month. It comprises two, three and four-bedroom units as well as dual-key units. The average price is expected to be about $750 psf. BT understands that Esparina will have nine apartment blocks and a four-storey carpark with communal facilities.

On the stock market yesterday, Lum Chang closed half a cent higher at 32 cents.