Tiong Seng Holdings

[cyclone]

Contract Awarded for the Proposed Residential Development at Outram

Tiong Seng Holdings Limited announced that its wholly-owned subsidiary, Tiong Seng Contractors (Private) Limited has been awarded a contract of approximately $190 million by Areca Investment Pte Ltd for the proposed residential development comprising 774 units with 4 levels of basement carparks, swimming pool and communal facilities on Lot 00189L TS 22 at Outram. Site possession is expected in May 2019.

[cyclone]

Tiong Seng secures S$130.5 million contract to develop hotel at Club Street
* Group to construct a 20-storey 4 star hotel, a basement carpark and an underground pedestrian link with retail and restaurant outlet space
* The project will utilise a full concrete Pre-fabricated Prefinished Volumetric Construction (“PPVC”) method, the first-of-its-kind for a hotel development in Singapore
* Project increases the Group’s construction order book to approximately S$753 million extending to 2023

Tiong Seng Holdings Limited (長成控股) has been awarded a construction contract worth S$130.5 million to develop a hotel located at Club Street by Midtown Development Pte Ltd, part of Worldwide Hotels Group.

A first-of-its-kind for a hotel development in Singapore, the project will utilise a full concrete PPVC method, whereby volumetric concrete modules are produced off-site at the Group’s production facility before being transported on-site for assembly. The project will involve the construction of a 20-storey hotel building with shops and restaurants on the ground level and 19 storeys of hotel accommodation. Furthermore, the development includes a basement level carpark and an underground pedestrian link with both retail and restaurant outlet space. Site possession is expected to be in August 2019.

More details in https://links.sgx.com/FileOpen/Tiong%20S...eID=576209

[cyclone]

Contract Awarded for the Proposed Industrial Building JTC Space @ Ang Mo Kio

Tiong Seng Holdings Limited announced that its wholly-owned subsidiary, Tiong Seng Contractors (Private) Limited has been awarded a contract of approximately $287 million by JTC Corporation for the proposed industrial building comprising one block, 7-storey industrial ramp-up multi-user building with ancillary facilities at Ang Mo Kio Street 64/65. Site possession is expected in September 2019.

[cyclone]

Tiong Seng Clinches back-to-back Contracts Worth S$123.9 Million to Kickstart 2020
* Group secures private condominium contract at the Hollandia site to build six 12-storey residential apartment blocks comprising 319 units
* Joint venture under the group awarded second private contract at 16 Cairnhill Rise to construct one 15-storey residential apartment flat comprising 39 units
* The two projects increases the Group’s construction order book to approximately S$1.0 billion extending to 2023

Tiong Seng Holdings Limited (長成控股) has been awarded two private residential development contracts worth S$123.9 million.

With a contract value of approximately S$99.6 million, the Hollandia Residences project located at the Hollandia site was awarded by FEC Skypark Pte Ltd and is expected to commence in February 2020. The project will involve the construction of six 12-storey residential apartment blocks comprising a total of 319 apartment units. The Group will also construct a landscape deck, two basement carparks, a swimming pool and various communal facilities.

The Group’s second contract at 16 Cairnhill Rise worth S$24.3 million was awarded by TSky Cairnhill (Private) Limited to a 60:40 joint venture between Tiong Seng Civil Engineering (Private) Limited and Ang Tong Seng Brothers Enterprises Pte Ltd. The project is expected to commence in February 2020 and will involve the construction of one 15-storey residential flat with a total of 39 apartment units, basement carparks as well as facilities on both its sky and roof terraces.

More details in :
1. https://links.sgx.com/FileOpen/Hollandia...eID=595973
2. https://links.sgx.com/FileOpen/Tiong%20S...eID=595974

[weijian]

Doesn't look good for this 2 key personnel in Tiong Seng. It seems like these 2 folks got caught up by this rogue individual from LTA (since other reports indicate that other individuals from other construction firms were indicted)

UPDATE ON INVESTIGATION

The Board of Directors (“Board”) of Tiong Seng Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) refers to the Company’s announcement dated 16 September 2019 in relation to investigations by the Corrupt Practices Investigation Bureau (the “Investigations”) involving the Company’s Chief Executive Officer and Executive Director Mr. Pek Lian Guan (“Mr. Pek”) and the Director of Tiong Seng Contractors (Private) Limited (“TSCPL”) Mr. Pay Teow Heng (“Mr. Pay”).

The Board has been informed by Mr. Pek and Mr. Pay that further to the Investigations, they were each charged in court on 24 July 2020 in relation to alleged offences under Section 6(b)1 read with Section 72 of the Prevention of Corruption Act (Chapter 241) of Singapore
(“PCA”). Both Mr. Pek and Mr. Pay were each charged on 2 counts of abetting to conspire to corruptly give gratification in the form of loans to an employee of the Land Transport Authority as inducement for advancing the business interest of TSCPL. No charges were filed against TSCPL or any other companies in the Group. Both Mr. Pek and Mr. Pay are currently on bail and they have informed the Board that they denied having committed the alleged offences and would be taking rigorous steps to defend the charges

https://links.sgx.com/FileOpen/Tiong%20S...eID=624970

[¯|_(ツ)_/¯]

1H Result as at 30 Jun 2020
Rev $102m (vs 169m)
GP    $3m (vs  20m)
Net Loss $9m (vs +2m)

3 “Manpower issues pose biggest roadblocks for construction firms seeking to resume business amid Covid-19 pandemic”, The Straits Times, 1 August 2020
4 “Singapore new home sales rebound, hit 7-year high for month of June: URA data”, The Straits Times, 15 July 2020
5 “New private home sales post surprise rebound”, The Straits Times, 16 July 2020
4 “China home prices to pick up, but outlook remains soft: Reuters poll”, Reuters, 22 June 2020

Stay home and stay healthy, everyone.

[¯|_(ツ)_/¯]

tiong seng@15
https://links.sgx.com/FileOpen/Tiong%20S...eID=678546

https://drive.google.com/open?id=1zVwcBR...76w5oLwTyA
Stay home and stay safe, everyone.