Chip Eng Seng clinches $32.9mil upgrading contract from HDB

Eugenia LiewDecember 30, 2021

Chip Eng Seng Corporation’s wholly-owned unit, CES Engineering & Construction, has been awarded a $32.9 million contract by the Housing and Development Board (HDB).

The contract relates to the design and build of upgrading projects for certain precincts in Singapore – namely, Serangoon Avenue 1 / Central, Blocks 401 to 414; Serangoon Avenue 1 / Central, Blocks 415 to 427; Lengkong Tiga, Blocks 101 to 116 and Ubi Avenue 1, Blocks 301, 302, 304, 305 and 306.

On Tuesday (29 December), Chip Eng Seng revealed that the contract will be carried out in two parts, with the first portion involving the design’s approval and printing of brochures and polling materials.

The second part will involve the undertaking of upgrading works within the units of the abovementioned blocks. For this part, the completion period is 18 months for the Serangoon and Lengkong Tiga precincts, and nine months for the Ubi precinct.

“Work for the second part will commence upon written instruction from HDB,” said Chip Eng Seng.

The company expects the contract to positively contribute to its earnings per share as well as its net tangible assets for the next financial year ending 31 December 2021.

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