Lum Chang Holdings’ wholly-owned subsidiary, Lum Chang Building Contractors (LCBC), has secured a contract from UOL Property Investments for the construction of a hotel development at Orchard Road.
The contract is valued at $110 million and scheduled to be completed over a 36-month period commencing from April 2023. Lum Chang’s scope of works include the building of a 19-storey hotel comprising 246 hotel rooms and facilities.
While the contract is not expected to impact the group’s results for the current FY ending June 30, 2023, materially, its earnings will be recognised progressively according to the stages of its completion.
This latest award brings the total outstanding value of construction works yet to be reported as revenue for LCBC to approximately $1.6 billion.
Shares in Lum Chang closed flat at 38 cents on Dec 22.
