Tiong Seng: Announced that it has secured a residential contract worth $151m. Under the contract, Tiong Seng will develop a 17,700 sqm site with GFA of 53,100 sqm and will comprise a total of 622 homes. This is Co’s second contract win in a span of three wks (Previous contract at $189.5m)
Ytd Co’s contract wins amount to about $632m and includes developments such as Waterway Terraces I and II and The Glyndebourne. Latest win brings grp’s orderbook to approximately 1.3b vs 9M11 Rev of $272.7m, underpinning earnings visibility for the next 3-4 yrs.
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