Friday, May 21, 2010

TIONG Seng Holdings

TIONG Seng Holdings, a recently listed construction group and property developer, has signed a RMB4.5bn (or S$921m) agreement with the master developer of Tianjin Eco-City and a Japanese real estate company to create the first river-front eco-neighbourhood in the eco-city. We understand that the total residential GFA of the three plots is estimated to be 360,600 sqm with 2,650 residential units.

According to mgtm, the JV project is expected to have a positive financial impact on Tiong Seng starting FY12 though they did not disclose any figures. The counter is now trading at 3.7x historical P/E.

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