It's the third project the construction firm has won from HDB so far this year
CONSTRUCTION company Koh Brothers Group Ltd has won a $51.9 million contract from the Housing and Development Board (HDB) for building works at Choa Chu Kang.
This contract takes Koh Brothers' order book to $630.9 million. The job is not expected to have a material impact on the group's financial performance for the year ending Dec 31, 2009.
Construction work on the project is slated to start this month, and is expected to be completed by end 2011. Under the contract, Koh Brothers will build four 16-storey residential blocks, one multi-storey car park and a substation for HDB.
This is the third contract that the construction firm has won from HDB so far this year, and takes the total value of contracts awarded to Koh Brothers from HDB to $255.4 million. In July, the company said that it was awarded the second part of an HDB contract to build Punggol Waterway after it won the the first part of the waterway construction in January. The Punggol Waterway is a 4.2km waterway that will be connected to Sungei Punggol.
Group managing director and chief executive Francis Koh said that the company would continue to pursue public infrastructure and government building projects.
'Going forward, we hope to capitalise on our established strengths to capture more business opportunities from the public sector,' said Mr Koh.
Koh Brothers announced in August that net profit surged to $4.4 million for the first half of the year ended June 30, 2009, from $0.5 million for the corresponding period a year ago. The improvement was on the back of a 17 per cent increase in revenue to $138.6 million.
The group attributed the higher revenue to the good performance of its construction and real estate divisions.
Koh Brothers shares closed about 2 per cent lower at 25 cents yesterday.
Source: Business Times, 6 Oct 2009
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