UnitedEngineers

UnitedEngineers: Co has been awarded tender for land at Bendemeer Rd/Whampoa East for $543m by HDB. The site is approx 18.6k sqm with lease of 99 yrs and is within walking distance from Boon Keng MRT. Co intends to develop the site into a waterfront condo of 700 units. The acq is to be financed by internal funds and borrowings. Co has current P/E of 3.6x