SINGAPORE - TA Corporation, a property construction and development firm, has bought a 400,100 sq ft plot in Tuas South Street with plans to build a workers' dormitory.
In a "strategic expansion" to grow its recurring income, the firm won the parcel from the Jurong Town Corporation with a bid of $113.9 million, it said in a statement on Wednesday. TA Corporation, the parent company of Tiong Aik Construction, beat eight other contenders for the 20-year leasehold site.
The facility will be one of the largest dormitories for workers here when completed, and will be able to house 9,200 beds.
"With a prevailing shortage and sustained demand for quality purpose-built workers accommodation, the group is well-positioned to benefit from our timely entry into this growth sector," said Mr Neo Tiam Boon, chief executive of TA Corporation.
It has partnered building services provider King Wan Corporation and private investment holding group SKM Development, who will hold a collective 38 per cent interest in the project. TA Corpopration will hold the remaining 62 per cent.
The dormitory will cater to the marine, process and manufacturing sectors, and will be located near one of the four planned recreation centres for foreign workers.