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Chip Eng Seng setting up SPV for Punggol EC development

As published in The Straits Times
16 Jun 2010


By Mok Fei Fei

SINGAPORE: Construction firm Chip Eng Seng said Wednesday that its wholly-owned subsidiary, CEL Development will set up a special purpose vehicle (SPV) to facilitate the development of an executive condominium (EC) in Punggol.

This is in view of the fact that CEL and its partner, Choicehomes Investments, have emerged as the top bidder in a tender for the site.

Both sides put in a joint bid of $223.74 million for the 99-year leasehold site.

The site has a gross permissible plot ratio of three and a maximum allowable gross floor area of some 67 and a half thousand square metres.

The proposed development, with full condominium facilities, will comprise approximately 600 residential units.

CEL and its Choicehomes will incorporate a special purpose company to jointly develop the project.

Choicehomes will hold a 60 per cent stake in the SPV while CEL will have a 40 per cent interest in the SPV.

Choicehomes is a wholly-owned subsidiary of NTUC Choice Homes Co-operative.

Chip Eng Seng says the Proposed Development will be financed by internal fund and bank borrowings. - CNA/jy

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Punggol Plaza

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Related Posts:
Punggol Plaza - Shuttle Bus Schedule
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Shuttle Bus - Punggol Mrt / Punggol Plaza

Punggol BTO Project Details

BTO ProjectBlock No.Release DateCompletion DateNo. of UnitsInitial Launch PriceEdgedale Green632A-C, 633A-B, 635A-C, 636A-BDec 2002Dec 2006582$141,000 - $170,000Periwinkle195A-EDec 2002Dec 2006450$152,000 - $183,000Sundial167A-D, 168A-D, 169A-DSep 2003Sep 2007425$138,000 - $178,000Punggol Anthias
(cancelled)612A-D, 613A-DDec 2004-134$101,000 - $185,000Coralinus 1301A-C, 303A-CJun 2005Jun 2009369$169,000 - $206,000Coralinus 2301D, 303D, 302A-DFeb 2006Feb 2010365$182,000 - $220,000Treelodge305A-D, 306A-DMar 2007Mar 201198$139,000 - $383,000Punggol Vista601A-D, 602A-CAug 2007Aug 2011105$75,000 - $227,000Punggol Lodge603A-D, 604A-COct 2007Oct 201152$122,000 - $234,000Damai Grove
(Punggol Anthias)612A-D, 613A-DDec 2007Dec 201162$123,000 - $240,000Punggol Spring614A-B, 615A-CFeb 2008Feb 2012476$204,000 - $259,000