Wednesday, June 9, 2010

Tiong Seng clinches $146m deal to build Tree House

CONSTRUCTION group Tiong Seng Holdings has won a $146 million contract to build Tree House - an eco-condominium pro-ject in Chestnut Avenue, off Upper Bukit Timah Road.

The contract, won through subsidiary Tiong Seng Contractors (TSC), was awarded by Chestnut Avenue Developments, a joint venture between City Developments and Hong Realty. Work on the project is expected to start next month and be completed by December 2012.

The contract scope for the 429-unit Tree House includes designing and building the four 24-storey towers as well as the eco-features and recreational amenities.

The towers will have expansive green walls that will function as a vertical green lung, reducing the development's carbon footprint and collecting rainwater to irrigate its gardens.

Based on its design specifications, Tree House has clinched the Green Mark Platinum Award - the Building and Construction Authority's (BCA) highest environmental accolade. This year, Tiong Seng also clinched three BCA Construction Excellence awards for the construction of Parc Emily, Riveredge and St Regis Residences.

With the latest contract win, Tiong Seng's order book stands at about $1.1 billion. The group expects the majority of these orders to be fulfilled over the next 12 to 30 months.

Tiong Seng Holdings' CEO Pek Lian Guan expressed excitement about the Tree House - particularly its iconic vertical green walls. 'Having constructed a strong portfolio of green buildings in Singapore, Tiong Seng has the experience and expertise in managing the Green System during the construction process,' he said.

Tiong Seng's first quarter 2010 net profit was $3.1 million, down from $5.2 million a year earlier. Revenue fell to $54.2 million from $122.8 million.

Tiong Seng's stock ended trading 1.5 cents higher yesterday at 25 cents.

Source: Business Times, 9 Jun 2010

No comments:

Post a Comment