$700 million for the upcoming Marina Bay Financial Centre (MBFC)

Construction contracts worth more than $700 million for the upcoming Marina Bay Financial Centre (MBFC) have been awarded and the principal contractor for the two commercial towers is a consortium of Kajima Overseas Asia and Tiong Seng Contractors.

Woh Hup was named the main contractor for the residential tower.

Together, these buildings make up the 244,000 sq metre Phase 1 of the MBFC.

In February, the owners of MBFC - a consortium of Keppel Land, Cheung Kong Holdings/Hutchison Whampoa, and Hongkong Land - acquired a further 194,000 sq metres of land next to Phase 1 for $907.67 million.

In a statement yesterday, David Martin, general manager of BFC Development, the company in charge of MBFC, said: ‘The tenders for both the commercial and residential towers attracted strong interest and competitive bids from several quality contractors. We believe we have assembled from this bidding process a very strong construction team with the experience and expertise to execute large-scale projects.’

The appointment of the main contractors puts Phase 1 of MBFC on track for completion in 2010, he said.

Tiong Seng Contractors was earlier awarded the piling contract for Phase 1 of the development.

Director Pek Lian Guan said: ‘With Tiong Seng’s recent experience on the site with the piling process, we are off to a head start in ensuring a smooth process for construction through our deep understanding of the project and existing knowledge of the particular dynamics of this site.’

The contracts announced were only for Phase 1. Mr Martin said that design and construction planning is still in progress on Phase 2.

Also still in the planning stage is CapitaMall Trust’s plan to expand Funan DigitaLife Mall. In a statement yesterday, CMT said it is appealing to the Urban Redevelopment Authority (URA) for an ‘alternative waiver scheme so as to achieve a more efficient floor plate for the proposed development of an office block and to minimise disruptions to the retail tenants’.

BT reported on April 28 that CMT had received provisional permission from the URA to erect a nine-storey commercial building and for additions and alterations to the existing mall.

It is understood that the URA waiver CMT is seeking involves the height restriction of nine storeys for the new extension.

CMT said further information will be provided when details are agreed with the URA.