SINGAPORE (July 16): Established structural steel contractor and specialist civil engineering solutions provider announced on Thursday that it has clinched four contracts worth $63.0 million in Singapore and Hong Kong.
Two of the contracts were secured in Singapore for the supply, fabrication, delivery, and erection of structural steelwork for Singapore General Hospital (SGH), and Punggol Regional Sport Centre. The project in SGH is expected to be completed by 4Q21, and the sport centre in Punggol is expected to be fulfilled by 2022.
The third contract, also signed in Singapore, will see the company undertake a specialist civil engineering project for the construction of underground rail infrastructure at Changi East Development. The contract is expected to commence in the second half of 2020 and to be completed in 2023.
In Hong Kong, Yongnam will work on a specialist civil engineering for a residential development. Its scope of work covers the design, supply, installation and removal of earth lateral support work at an existing MTR terminus linked to the residential development.
“While construction activity has been significantly affected in recent months due to the ongoing COVID19 pandemic, we are optimistic that our recent contract wins, both in Singapore and in Hong Kong, will help kickstart a recovery in construction work and further strengthen our order book,” says Seow Soon Yong, CEO of Yongnam.
The company says the contracts are expected to have a positive impact on its financial performance for FY20 ending December 31.
Shares in Yongnam closed 0.3 cents lower, or 3.4% down, at 8.5 cents on Thursday, prior to the announcement.
