SINGAPORE (Oct 24): Lum Chang Holdings announced that its wholly-owned subsidiary, Lum Chang Building Contractors has won a contract for building works at The Verge, an integrated development located at 2 Serangoon Road worth $85.7 million.

The contract was awarded by Corwin Holding, a joint venture vehicle for Lum Chang and a fund managed by LaSalle investment Management Asia.

Under the contract, the group will be responsible for the demolition of the existing main block and its reconstruction for use as a retail podium and serviced residence.

The group will also be refurbishing the adjoining annex block to eventually include a retail component, carpark facilities and rooftop commercial-cum-cultural space.

The contract is scheduled to complete in the second half of 2019.

Including the award of this contract, the group’s total outstanding value of construction works yet to be reported as revenue comes up to $600 million.

Shares in Lum Chang closed 2 cents higher at 40 cents on Tuesday.