SINGAPORE (Feb 11): Tiong Seng Holdings has been awarded two private residential development contracts worth $123.9 million, bringing its total construction order book to some $1 billion.
The first contract, worth some $99.6 million, is to build the Hyll on Holland project located at the Hollandia site. The development will have six 12-storey residential apartment blocks comprising a total of 319 units. The developer is FEC Skypark Pte Ltd. Work is starting this month.
The second project, worth $24.3 million, is at 16 Cairnhill Rise. The developer is TSky Cairnhill (Private) Limited, a 60:40 joint venture between Tiong Seng Civil Engineering (Private) Limited and Ang Tong Seng Brothers Enterprises Pte Ltd. The development is a 15-storey residential flat with a total of 39 apartment units.
“Backed by our positive track record and portfolio of private residential projects, we are pleased to make headway early on in 2020 with back-to-back contract wins,” said Pek Lian Guan, CEO of Tiong Seng Holdings.
Last September, the company announced that Pek, as well as the company’s project director, Pay Teow Heng, had been interviewed by the CPIB.
On Feb 11, Tiong Seng’s share price closed at 18 cents, down 10% year to date. At this level, the company has a market value of $85 million and a historical price earnings ratio of 13.71 times.
