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View Full Version : OKP, Soilbuild JV wins Orchard Rd condo contract



mr funny
15-12-10, 22:42
http://www.businesstimes.com.sg/sub/companies/story/0,4574,416940-1292011140,00.html?

Published December 10, 2010

OKP, Soilbuild JV wins Orchard Rd condo contract

By TAN SI RUI


OKP Holdings and Soilbuild Group Holdings have, through an equally owned joint-venture company, won an $83.5 million contract for the construction of a luxury condominium at Angullia Park in Orchard Road.

The development site formerly housed The Parisian condominium.

The contract for the joint-venture company, Forte Builder, was awarded by Angullia Development, a wholly owned subsidiary of China Sonangol Land (CS Land). CS Land is a related company of China Sonangol International Ltd, a conglomerate headquartered in Hong Kong.

The project is expected to commence this month with completion scheduled for April 2013. When completed, the new high-end development will comprise one block of a 36-storey residential flat development comprising a total of 54 units complete with various amenities.

OKP's group managing director said Forte Builder will draw on the competencies of both companies and their management teams and represent an ideal combination of strong market leadership positions and in-depth operational and technical expertise.

OKP is an infrastructure and civil engineering group while Soilbuild is an integrated property developer of residential and business space properties.

'The move comes more than a year after OKP teamed up with strategic partner China Sonangol International (S) Pte Ltd, through a share placement exercise that made the latter a substantial shareholder of OKP,' said OKP.

In a joint statement, OKP and Soilbuild said: 'The investment in the JV Company has been funded internally and is not expected to have any material impact on the net tangible assets per share or earnings per share of OKP or Soilbuild respectively for the financial year ending 31 December 2010.'

The stock of OKP closed trading at 57 cents yesterday. Soilbuild shares last traded at 78 cents.