Tiong Seng subsidiary awarded $190m building contract

The new residential development at Outram will comprise 774 units as well as communal facilities.

A fully-owned subsidiary of Tiong Seng Holdings has been awarded a contract worth about $190 million by Areca Investment, revealed the company in an SGX filing.

The contract awarded to Tiong Seng Contractors (Private) Limited was for a proposed residential development at Outram comprising 774 units with swimming pool, four levels of basement carparks and communal facilities.

“Site possession is expected in May 2019,” it said.

Tiong Seng does not expect the contract to materially affect the group’s net tangible assets and earnings per share for the current financial year ending 31 December.

It added that none of the company’s directors nor controlling shareholders “has any interest, direct or indirect, in the contract”.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

This post was originally posted on Property Guru Property Market News Section