SINGAPORE (July 20): Structural steel contractor and specialist civil engineering solutions provider Yongnam Holdings has clinched a $320.4 million design and build contract through its 40%-owned joint venture with Daewoo Engineering & Construction.
Daewoo Engineering & Construction is a leading international construction company listed on the Korea Stock Exchange.
The J109 contract, which is awarded by the Land Transport Authority (LTA), includes the design and construction of Toh Guan Station, Jurong Town Hall Station, Pandan Reservoir Station and associated entrances, as well as a 3,600 metres elevated viaduct. The contract is expected to commence later in 2020.
The 24km-long Jurong Region Line is Singapore’s seventh MRT line.
“We are pleased to have achieved a breakthrough by securing the Group’s first design and construction contract for a MRT line through our joint venture,” says Seow Soon Yong, CEO of Yongnam.
“The Group will continue to actively participate in bidding for various major public sector infrastructure projects as well as commercial projects in Singapore, Hong Kong and Australia to strengthen our order book,” he adds.
This contract award is expected to have a positive impact on Yongnam’s financial performance for the year ending December 31.
Shares in Yongnam closed 0.4 cents higher, or 4.7% up, at 8.9 cents on Friday.
