Tuesday, September 2, 2008

Chip Eng Seng Wins $156m HDB Deal

Source : The Business Times, September 2, 2008

Construction and property group, Chip Eng Seng Corporation said on Tuesday its subsidiary, Chip Eng Seng Contractors (1988) Pte Ltd, has been awarded a design and build contract worth $156 million (US$110 million) by the Housing & Development Board (HDB) in Punggol West, Singapore.

The Singapore-public housing contract entails the design and construction of residential buildings with a carpark and community facilities.

Preparation and complete design, submission and obtaining DC approval, including other preparation work will take seven months and is expected to commence in September 2008.

Upon the approval from HDB, construction work will commence. The construction phase is for a 30 months period.

At 0719 GMT, the stock price rose to $0.265 with 378,000 shares changing hands.

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