SINGAPORE (Mar 23): Mainboard-listed construction group and property developer Tiong Seng Holdings has secured a contract worth $227.5 million to construct a private residential development on Tan Quee Lan Street.
This contract has lifted the group’s order book to $1.2 billion extending to 2023.
The contract, which was secured by the group’s wholly-owned subsidiary Tiong Seng Contractors, was awarded by MTG Apartments and MTG Retail.
The private residential project will see the group construct two 30-storey residential apartment blocks with more than 500 units, along with a commercial area on the first storey.
The apartment blocks will also feature communal facilities such as a landscape deck and swimming pool, as well as an open public plaza, retail space and an underground pedestrian network.
Tiong Seng says that project will harness its in-house Prefabricated Prefinished Volumetric Construction (PPVC) capabilities, as free-standing volumetric modules will be produced off-site at the group’s production facility before being transported on-site for assembly.
“As the built environment sector continues to shift in favour of newer and more advanced technologies surrounding the Design for Manufacturing Approach (DfMA) approach, we expect demand for solutions in this space to rise in the years ahead,” says Tiong Seng CEO Pek Lian Guan.
“Positioned as one of the industry leaders in developing and adopting cutting-edge construction technologies, we are optimistic that we can build on this momentum to capitalise on future growth opportunities moving forward,” he adds.
As at 10.36am, shares in Tiong Seng are trading 0.1 cent higher, or 0.8% up, at 12 cents.
