Tuesday, August 21, 2012

HDB awards Chip Eng Seng S$137.3m contract

Chip Eng Seng Corporation has clinched a S$137.3 million deal from the Housing and Development Board (HDB) to build seven blocks comprising 862 units and other facilities in the neighbourhood of Bukit Panjang.

The contract was awarded to Chip Eng Seng Contractors (1988) Pte Ltd, the group’s wholly-owned subsidiary, with construction expected to last about 33 months.

Chip Eng Seng said that the contract will not have any material effect on its net tangible assets and earnings per share for FY2012 ending December.

In Q2, the company reported a net profit of S$7.4 million and group revenue of S$82.6 million, down 58.1 and four percent respectively on the back of weak contribution from its projects.

View the original article here

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