Chip Eng Seng Corporation, one of the leading construction and property groups, has been awarded the tender for a land parcel at 27-39 Mackenzie Street in Melbourne, Victoria, for A$20.2 million ($25.8 million). The land tender was won by its wholly-owned subsidiary CES-Mckenzie (Victoria).

The site, situated in the eastern Central Business District of Melbourne, has a land area of 20,000 square feet. CES-Mckenzie (Victoria) proposes to develop a 32-storey residential tower of about 350 apartments on the site, with amenities such as shops and licensed food and drink premises and parking facilities.

The proposed development is not expected to have any material impact on the net tangible assets and earnings per share of the group for the current financial year ending Dec 31 2010.

Chip Eng Seng says it has in the past successfully developed two development projects in Adelaide comprising a commercial building on Pulteney Street and the North Shore residential project.