Property developer Soilbuild Group Holdings and infrastructure and civil engineering group OKP Holdings have jointly won an $83.5-million contract to build a luxury condominium project on former site of The Parisian in Orchard Road.
Angullia Development, a wholly-owned unit of China Sonangol Land, has awarded the contract to the joint-venture company Forte Builder.
Construction work is expected to begin this month with completion scheduled in April 2013. When completed, the new luxury condo will comprise a block of a 36-storey residential unit with a total of 54 units, complete with amenities.
Group managing director of OKP Holdings said the joint-venture company will draw on the competencies of the two firms. The joint-venture represents an ideal combination of market leadership advantage and both operational and technical expertise.
“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.
Additionally, the two companies said in a joint statement that 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.”