Wee Hur Clinches 2 Deals Totalling $146.5m

Source : The Business Times, 13 February 2008

RECENTLY listed Wee Hur Holdings, a building contractor in Singapore with a range of construction projects, has won two new contracts worth a total $146.5 million.

The group announced yesterday that its wholly owned subsidiary, Wee Hur Construction Pte Ltd, has been awarded two projects for a residential development and a commercial development worth $99.9 million and $46.6 million respectively.

The first contract is for a residential development located in the prime Newton Road area. Awarded by a subsidiary of the Ho Bee Group, the condominium development consists of two 30-storey blocks comprising a total of 152 units, a basement car park, swimming pool and communal facilities. Construction of this project is expected to commence in May 2008 and be completed in March 2011.

The second contract, worth about $46.6 million, is the Phase 1 construction of a commercial building at Changi Business Park. This project was awarded by Ascendas (Tuas) Pte Ltd. Piling work for this project is expected to begin next month and be completed in August next year.

The two projects represent an approximately 61 per cent increase over Wee Hur's order book as disclosed in its IPO prospectus.

Some of Wee Hur's major ongoing projects include Park View Eclat with a contract value of about $73.0 million, a commercial building at Changi Business Park ($70.3 million) and a nine-storey hotel at Mohamed Sultan/Nanson Road ($43.3 million).

Said Wee Hur executive chairman and managing director Goh Yeow Lian: 'These two major contracts are testament to our ability to handle a wide array of projects. Given the positive construction industry outlook, we will continue to work hard to secure more higher-value projects, so that we can continue to perform well and deliver value to our shareholders.'

The latest contracts are expected to have a positive impact on Wee Hur's financial performance for the financial year ending Dec 31, 2008, the group said.