Complete Property Market Updates of Singapore

July 10, 2008

Steel contractor snags $83m of IR sub-contracts

Filed under: Construction News,General — Propertymarketupdates @ 4:31 am

STEEL contractor Yongnam Holdings has clinched two integrated resort (IR) sub-contracts worth a total of $83.35 million.

One deal calls on the Singapore-listed firm to fabricate and erect structural steelworks for the ArtScience museum to be built by Penta-Ocean Construction at the Marina Bay Sands IR. The deal is worth $41.35 million.

The second sub-contract, estimated at $42 million, was awarded by Sembawang Engineers and Constructors.

Yongnam will make and install steel supports for the casino and theatre podium at the IR.

It will also provide engineering advice surrounding the installation and later removal of temporary support structures during the building.

Yongnam chief executive Seow Soon Yong said the company was ‘pleased to maintain its successful track record of contract wins’ from the IR projects.

The company had also won four previous Marina Bay Sands contracts, valued at $177.7 million, in May and November last year.

This brings the value of its IR-related contracts to more than $260 million.

The company, which has more than 30 years of experience in steel fabrication, also provides engineering solutions for the use of steel in construction projects.

Yongnam shares yesterday closed one cent up at 23 cents.

Source : Straits Times – 7 Jun 2008

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