Tiong Seng

Tiong Seng: Concurrently, Tiong Seng announced 2 contracts worth $223.4m, one of which, a condominium development called Eco Sanctuary, comprising 483 units at Chestnut Avenue worth $135.4m, and the second contract for a terrace housing project called The Springside, made up of 114 units of 3 storey terrace dwelling houses at Jln Ulu Seletar and Sembawang Rd, worth $88m. Construction for the project is scheduled to commence in Mar 2013 and Apr 2013 respectively. Both developments are owned by SP Setia International. The Group's total order book stands at $1.47b. New contract boosts order book to $1.47b, currently trades at 7.3x trailing P/E; Closest peer (based on mkt cap) Lian Beng, trades at 5.5x trailing P/E; Peer Chip Eng Seng has a net order book as at 31 Dec 2012 of $575m, trades at 6.3x P/E.