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Sim Lian Group’s Q1 net profit up 23% to S$27.6m

Posted by luxuryasiahome on November 6, 2009

Mainboard-listed construction firm, Sim Lian Group, said that its first quarter net profit rose 23 percent from a year ago to S$27.6 million.

Revenue for the three months ended September edged up 2 percent to S$194.4 million.

Sim Lian said that its contract costs fell S$4.6 million despite an increase in revenue in the quarter. This was mainly due to a revision of contract costs for a development project, as well as the write-back of costs for certain construction projects.

Looking ahead, the company said development projects are expected to contribute positively to its performance in the current financial year. It plans to launch an industrial project at Ubi Avenue.

Sim Lian said its construction division remains selective in all tenders to ensure jobs are secured with reasonable prices and margins.

Sim Lian added that it expects to achieve a set of profitable operating results for the current financial year.

Source : Channel NewsAsia – 6 Nov 2009

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Lum Chang goes solo for MRT job

Posted by luxuryasiahome on November 3, 2009

CONSTRUCTION firm Lum Chang Building Contractors has emerged as the only local builder to clinch a Downtown Line project solo.

The 60-year-old home-grown firm is also believed to be the first Singapore firm to undertake an MRT project of such scale and complexity alone.

Its executive director Tan Wey Pin said: ‘We are the only local company to design and build an MRT project of this scale.’

Lum Chang had previously partnered Japan’s Nishimatsu for MRT works.

Its latest project, to build the Bukit Panjang station and tunnels, is among 10 civil contracts awarded for the Downtown Line in the past six months or so.

This is a minor milestone for the Land Transport Authority (LTA), now that all civil contracts for Stage 1 and 2 of the line – comprising 18 stations and 21km of tunnels – have been awarded.

Lum Chang’s Mr Tan said: ‘There are only a few local firms which are qualified to bid for such jobs.’

He noted that the Bukit Panjang job posed some challenges.

It entails blasting through rock and excavation involving the relocating of a support pillar of the Bukit Panjang LRT that is in the way.

The most complex Downtown Line job could well be the one South Korea’s Ssangyong Engineering landed – to build the Rochor and Little India stations.

At $803.3 million, this contract is worth more than twice the value of other Downtown Line projectsas the site is amid busy trunk roads and the Rochor Canal.

The job involves relocating the canal, excavating under the existing North-East Line and building a tunnel box for future underground infrastructure.

The LTA will award contracts for the third and final leg of the Downtown Line from next year.

This stage swings east, passing MacPherson, Bedok Reservoir and Tampines, and ending at the East-West Line’s Expo station.

It will be 19.1km long, with 15 stops.

The $12 billion Downtown Line will open in stages in 2013, 2015 and 2016.

Source : Straits Times – 3 Nov 2009

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KSH Holdings clinches new S$36m deal for construction of Watten Residences

Posted by luxuryasiahome on November 2, 2009

Construction and property development firm, KSH Holdings, has clinched a new contract worth S$36 million.

It is for the construction of Watten Residences, a luxury 59-unit freehold development in the Bukit Timah area.

Under the terms, the company will start construction works next week and it is expected to complete the project within 25 months.

With the contract, KSH says its existing order book now stands at around S$383 million.

Going forward, the firm says it will continue to maintain a good mix of construction projects across different industry segments.

These include high-end luxury residential projects as well as projects in the public commercial and industrial segments.

Source : Channel NewsAsia – 2 Nov 2009

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Lian Beng wins $112.7m contract

Posted by luxuryasiahome on October 28, 2009

LIAN Beng Group has bagged a $112.7 million contract to build The Gale, a freehold condominium in Flora Road.

The design-and-build contract was awarded by Tripartite Developers – part of the Hong Leong Group – and comprises 329 apartment units in nine eight-storey blocks, a basement carpark, a club house, swimming pool and other communal facilities.

Work is expected to start next month and to be completed by November 2012.

The Gale’s design has received the Green Mark Gold Award from the Building and Construction Authority.

‘Securing the contract for The Gale is a timely development for Lian Beng,’ the company said in a filing to the Singapore Exchange.

‘The group recently completed the construction of Ferraria Park, which is on an adjoining plot, thus minimising the resources required for the initial set-up at the new work site.’

The Gale contract comes two months after the company was awarded the job of building Waterfront Key, a 437-unit joint venture development by Frasers Centrepoint and Far East Organization, and will boost Lian Beng’s order book to about $658 million.

The group’s existing project portfolio includes the development of camp facilities at Kranji, Kovan Residences, Amber Residences and The Ritz-Carlton Residences.

Lian Beng said that it will continue to tender for construction projects in the public and private sectors.

The company’s shares lost 0.5 of a cent, or 1.5 per cent, to close at 32 cents yesterday.

Source : Business Times – 28 Oct 2009

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Lian Beng bags $112.7m contract

Posted by luxuryasiahome on October 27, 2009

Lian Beng Group has bagged a $112.7 million contract for the construction of The Gale, a freehold condominium development located on Flora Road, it said on Tuesday.

The design-and-build contract was awarded by Tripartite Developers Pte Ltd (part of the Hong Leong Group) and covers the construction of 329 apartment units within nine 8-storey blocks, together with a basement carpark, clubhouse, swimming pool and other communal facilities. Work on the development is expected to commence in November 2009 and be completed by November 2012.

This contract comes two months after the group was awarded the job of building Waterfront Key, a 437-unit joint-venture development between Frasers Centrepoint & Far East Organization, and will boost Lian Beng’s order book to about $658 million. The group’s existing project portfolio includes the development of camp facilities at Kranji, Kovan Residences, Amber Residences, The Ritz-Carlton Residences, Cairnhill Singapore.

Going forward, Lian Beng will continue to actively tender for more construction projects, both in the public and private sectors, it said.

Source : Business Times – 27 Oct 2009

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Safra Toa Payoh to have new clubhouse

Posted by luxuryasiahome on October 23, 2009

SAFRA Toa Payoh, Singapore’s oldest clubhouse for national servicemen, will be pulled down at the end of next year to make way for a bigger and better clubhouse.

Original plans to demolish the 35-year-old building were shelved in 2007 due to the rising costs in steel and sand prices.

But construction costs have eased a little since then, said Minister of State for Defence Koo Tsai Kee.

‘So we will proceed to tear it down and build a new club from scratch,’ he said.

In place of the ageing clubhouse will be a new 20,000 sq m flagship club – more than twice the size of the present building.

Associate Professor Koo said the club is expected to spend up to $50 million on the development, which will be ready by 2013.

Facilities will include a resort-style swimming pool, a bowling centre and an outdoor performance area for weekend entertainment.

There will also be education and leisure programmes offered to members and their families.

Senior Minister Professor S. Jayakumar shared these details at the official opening of the new Safra clubhouse in Jurong West last night.

The $41 million, 2ha, four-storey clubhouse is the fifth among Safra’s clubhouses for national servicemen and their families.

It is also home to one of the largest indoor playgrounds here. Slides rise three storeys high and riders can either climb to the top or take the lift.

There is also a children’s gym, a first for a Safra club.

Other facilities include a wine lounge, a pool, a cue-sports centre and karaoke rooms.

And by 2015, Safra’s sixth clubhouse will be opened in Punggol to meet the growing population there, said Prof Jayakumar.

The Punggol clubhouse, which is expected to cater to water sports enthusiasts, was one of the recommendations from the committee that was convened to recognise the contributions of NSmen, their families and employers.

Prof Jayakumar, who is also the Coordinating Minister for National Security, said Safra clubhouses are ‘a tangible symbol’ of the Government’s efforts to reward those who contributed to the defence of Singapore.

‘For instance, when the Government shares the surplus from our economic growth, we will make a differentiation in favour of Singaporeans who have performed national service.’

Source : Straits Times – 23 Oct 2009

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Lian Beng posts 168% surge in profit after tax to $5.4m for Q1

Posted by luxuryasiahome on October 15, 2009

Building construction group Lian Beng has reported a 168% surge in profit after tax to $5.4 million for the first quarter of its 2010 financial year, compared to $2 million a year ago. This was achieved on the back of a 128.6% rise in revenue to $85.1 million.

Lian Beng says the growth in revenue was driven by revenue recognition from the completion of projects like Ferraria Park, Sixth Avenue Condominium and Northwoods, as well as progress payments from existing projects such as the construction of Amber Residences, camp facilities at Kranji, Kovan Residences and Bellerive Condominium. Along with this, the group also saw higher revenue contribution from Ola Residences, a wholly-owned property development project. This, coupled with measures to improve operational productivity, helped to lift the Group’s bottom line accordingly.

With signs of improvement in the global economic situation, Lian Beng says the local private residential property market has also enjoyed a healthy and sustained level of interest. This momentum is expected to continue following the successful launch of various private property developments, and the rollout of government infrastructure projects.

During the quarter, the group clinched a contract worth $101 million for the construction of Waterfront Key, a private residential development in Bedok. This has helped to boost its order book to $545 million, which should ensure a steady flow of construction activity for the next three years, it adds.

The group expects to be participating in more tender activities for private and public projects over the rest of the financial year.

Source : The Edge – 15 Oct 2009

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Koh Brothers clinches $51.9m HDB contract

Posted by luxuryasiahome on October 6, 2009

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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Low Keng Huat profits treble on building and gaming gains

Posted by yeshomes on September 14, 2009

LOW Keng Huat’s second-quarter net profit more than tripled, thanks to its booming construction segment and higher contributions from its gaming centre operations.

The property and hospitality group yesterday posted net profit rising 264 per cent to $20.1 million for the three months ended July 31, up from $5.5 million during the same period last year.

Group turnover for the second quarter increased 133 per cent to $161 million, mainly due to gains from construction.

The rise came despite lower contributions from the hotel and food and beverage (F&B) business.

Revenues from development and investment were not significant, the firm said yesterday. The group’s current investments are in properties located mainly in Singapore and Malaysia, as well as some quoted equity investments.

Construction revenue, the firm’s largest contributor by industry, was up 177.6 per cent to $150.2 million for the second quarter, compared with the three months last year.

It attributed construction’s good showing to the higher percentage of completions for on-going projects one-north Residences, South Bank and Hard Rock Hotel at Sentosa, Meritus Mandarin Hotel and commencement of new project Nex at Serangoon Central Mall.

The group’s construction business is conducted primarily in Singapore, but a single project in Beirut, Lebanon, was completed in February 2007. Turnover for its hotel and F&B business dived 32.2 per cent to $10.1 million.

The group’s two hotels – the Duxton Hotel Perth in Australia and Duxton Hotel Saigon in Vietnam – reported falling revenues due to lower room and occupancy rates.

While the electronic gaming centre licence held by Duxton Hotel Saigon was suspended in November by the Vietnamese government last year, the hotel is running as per normal.

Earnings per share rose to 2.72cents from 0.75 cents, while net asset value per share jumped to 32 cents, as at July 31, from 28 cents, as at Jan 31 this year.

Although there had been improvements in equities and Singapore property, the board was of the opinion that the economic environment was still uncertain.

‘Whether the improved economic environment can be sustained remains to be seen,’ it said.

The company will continue to focus on its core business and improve operational efficiency and cost management measures.

Its total order book currently stands at $830 million.

Its stock fell by half a cent to close at 37 cents

Source : Straits Times – 15 Sep 2009

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Lum Chang sells KL site for RM77.2m

Posted by yeshomes on September 9, 2009

PROPERTY development and construction group Lum Chang Holdings has sold a site in Malaysia for RM77.2 million (S$31.5 million) and expects a net gain of about $7.6 million.

The company said yesterday that a subsidiary signed the sales and purchase agreement with Malaysia-incorporated Scenic Point Development to dispose of the plot of land in Kuala Lumpur. The site is located in the city centre area and measures 40,612 sq feet. The selling price works out to around RM1,900 per sq foot. Lum Chang had bought the land to develop a high-rise block of
serviced apartments on it. The offer for the land allows the company to ‘realise its investment and further fund its other developments in Malaysia’, it said.

The deal is expected to be completed in December and Lum Chang expects to make a net gain of around $7.6 million, to be reflected in the current financial year ending June 30, 2010.

Lum Chang shares rose half a cent higher yesterday at 31.5 cents. This is more than two-and-a-half times the counter’s price in March, when it sunk to a low of 12 cents.

Last month, Lum Chang reported a 22 per cent year-on-year drop in net profit to $11 million, for the year ended June 30. Earnings weakened despite a 21 per cent increase in revenue to $227 million. The company said then that it expects the construction industry’s prospects to remain positive. In June, it obtained a $452.4 million contract from the Land Transport Authority to design and build the Bukit Panjang MRT station.

The group has interests in construction as well as property development and investment, both in Singapore and overseas.

Source : Business Times – 9 Sep 2009

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