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Property News05 Dec 2018

Sysma Holdings clinches $18.6m contract to build two-storey Good Class Bungalow

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Catalist-listed builder Sysma Holdings has won an $18.6 million contract to build a home in a Good Class Bungalow (GCB) Area, the group said on Wednesday (Dec 5).

Wholly owned subsidiary Sysma Construction is set to put up a two-storey bungalow - complete with basement, attic and swimming pool - at 28 Jalan Kampong Chantek, off Dunearn Road, in a deal with what was described as "an established private owner".

The Business Times reported in February 2017 that Super Group co-founder Ronald Te had bought the property for $27.59 million, or $1,003 per square foot based on the freehold land area of 27,504 sq ft.

The existing seven-bedroom house, which was vacant when it was bought, has a built-up area of some 11,000 sq ft, with two floors, an attic and a swimming pool. It falls within the Swiss Club Road GCB Area.

Sysma Holdings said that its 20-month contract will start when a demolition permit is issued by the authorities, which is expected to happen in end-December 2018.

The contract is not expected to have any material impact on earnings or net tangible assets per share for the year to July 31, 2019, it added.

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