Tiong Seng

Tiong Seng: In discussion to set up joint venture with Myanmar construction giant, Shwe Taung, to explore setting up a precast plant to cater to rising demand for affordable housing in Myanmar. This comes at a time where Myanmar govt’s plan to build more than 1m houses over 20 yrs. Residential construction accounts for 51%, or US$1.5b, of Myanmar’s total construction output. In Yangon alone, the demand for affordable housing is 200,000 units every year, whereas only 20,000 units are supplied every year. We note that Tiong Seng who already boasts the largest orderbook in SG’s construction segment, stands to potentially benefit if Myanmar could potentially provide another avenue of growth for the co.