Tiong Seng subsidiary awarded $190m building contract

Romesh Navaratnarajah22 Apr 2019

The $190 million contract awarded to Tiong Seng Contractors (Private) Limited was for a proposed residential development at Outram comprising 774 units with swimming pool, four levels of basement carparks and communal facilities.

A fully-owned subsidiary of Tiong Seng Holdings has been awarded a contract worth about $190 million by Areca Investment, revealed the company in an SGX filing.

The contract awarded to Tiong Seng Contractors (Private) Limited was for a proposed residential development at Outram comprising 774 units with swimming pool, four levels of basement carparks and communal facilities.

SEE ALSO: The Complete Guide To Buying A New Launch Condo In Singapore

“Site possession is expected in May 2019,” it said.

Tiong Seng does not expect the contract to materially affect the group’s net tangible assets and earnings per share for the current financial year ending 31 December.

It added that none of the company’s directors nor controlling shareholders “has any interest, direct or indirect, in the contract”.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

POST COMMENT

You may also like these articles

Tiong Seng JV buys two residential sites for S$21mil

 A joint venture set-up by a unit of Tiong Seng Holdings has exercised an option to purchase two freehold residential sites in prime District 10 for a total of S$21 million, revealed an SGX filin

Continue Reading18 Jul 2017

Tiong Seng subsidiary backs out of Jervois Road site acquisition

Tiong Seng Holdings’s subsidiary, TSky (Jervois), has exercised its right to rescind the option to purchase two freehold sites in Jervois Road.This comes as the necessary redevelopment approval for

Continue Reading2 Nov 2017

Tiong Seng-led joint venture acquires Cairnhill Heights for $72.6m

The purchase price of Cairnhill Heights is lower than the initial asking price of over $80 million.TSky Development, a joint venture between construction firm Tiong Seng Holdings and investment holdin

Continue Reading2 Apr 2018