Chip Eng Seng receives letter of intent for $142 mln contract

Construction and property firm to develop executive condo and 10 blocks of 17-storey apartments at Punggol Field.

Chip Eng Seng Corporation Ltd said that its wholly-owned subsidiary, CES Engineering and Construction Pte Ltd (CESE), has received a letter of intent from Punggol Field EC Pte Ltd for the acceptance of the tender for a $142,070,000 building works contract, according to a Chip Eng Seng release on Wednesday.

Chip Eng Seng said the contract is for the proposed executive condominium housing development and for the erection of 10 blocks of 17-storey apartments comprised 680 residential units with landscaped deck, common basement carparks and communal facilities at Punggol Field in Punggol Road.

Punggol Field EC Pte Ltd is a 40% and 60% joint venture between CEL Development Pte Ltd (CEL) and Choicehomes Investments Pte Ltd (CHI), respectively.