Complete Property Market Updates of Singapore

July 10, 2008

Yongnam secures 2 more deals worth $83m for Marina IR

Filed under: Construction News,General — Propertymarketupdates @ 4:17 am

STRUCTURAL steel fabricator and engineer Yongnam Holdings has won two more sub-contracts totalling $83.35 million for the Marina Bay Sands integrated resort.

The first deal is worth $41.35 million and was awarded by Penta-Ocean Construction. Yongnam will supply, fabricate, deliver, and erect structural steelworks for the construction of the resort’s ArtScience Museum. The museum is located at the IR’s Bayfront Promontory and boasts a unique lotus-inspired design.

The second subcontract, valued at around $42 million, was given by Sembawang Engineers & Constructors. It covers the structural steelworks stanchion for the construction of the IR’s casino and theatre podium. It also involves supplying, installing and removing temporary struts, walers, bracings and associated fittings and decking posts, as well as around 10,500 square metres of metro decking.

‘The IR development is based on a fast-track schedule, and we are proud to be tasked with quite a number of projects for the IR, which reaffirms Yongnam’s capabilities to deliver quality steel construction and engineering solutions on time,’ said Yongnam’s chief executive officer Seow Soon Yong.

Yongnam said the two new contracts are expected to have a material impact on its FY2008 performance. The latest windfall comes on top of the four IR-related contracts totalling $177.7 million which Yongnam won between November 2007 and May this year. They covered structural steelwork requirements in other IR features such as its hotel tower and North podium.

Besides the IR, Yongnam is also riding on the construction boom resulting from other major projects in Singapore such as the Formula One race and the upcoming Orchard Turn mall.

Yongnam was earlier awarded a contract to supply, fabricate and erect structural steelwork for a three-storey recreation and commercial complex at Republic Boulevard for the F1 race. At Orchard Turn, Yongnam will provide similar services and infrastructure for its shopping mall and multi-storey car park.

Together with its production facilities in Pontian, Malaysia, Yongnam is able to produce 42,000 tonnes of fabricated steel per year.

Source : Business Times – 7 Jun 2008

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