Complete Property Market Updates of Singapore

July 24, 2008

Chip Eng Seng unit bags $123.5m HDB contract

Filed under: Construction News,General,HBD Reviews — Propertymarketupdates @ 2:23 am

CHIP Eng Seng Corporation’s wholly owned subsidiary Chip Eng Seng Contractors (198 has been awarded a $123.5 million contract by the Housing and Development Board (HDB).

The contract is for the construction of five 25-storey residential blocks in Sengkang. The contract includes the construction of a multi-storey carpark with future community facility on the first storey, and a precinct pavilion. Work is expected to begin this month, with completion slated for 2011.

The contract is not expected to have any material impact on the group’s net tangible assets and earnings per share for the current financial year ending Dec 31.

This is the company’s second HDB construction contract this year. In January it announced a contract to build 1,394 housing units in Queenstown. The company has also undertaken two other HDB housing projects, one in Sembawang and the other being Pinnacle @ Duxton.

The group’s construction order book now stands at about $755 million. Said executive chairman Lim Tiam Seng: ‘With increasing demand for construction, we are confident of our prospects for the rest of 2008.’

Mr Lim further believes that the group’s construction division will continue to have a busy year ahead with tenders and construction work.

Source : Business Times – 10 Jun 2008


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