Soilbuild's Myanmar unit awarded US$10.5m contract

Singapore

SOILBUILD Construction (Myanmar) Company Limited, a subsidiary of Soilbuild Construction Group, was awarded a contract worth US$10.5 million for the construction of a 12-storey hotel building in Yangon.

Located at the corner of Sayar San Road and Pyi Htaung Su Yeik Tha Street, Bahan Township, Yangon, the project is expected to start in the third quarter of 2017 and be completed within 18 months.

Ho Toon Bah, executive director of Soilbuild Construction, said that the group has achieved "continuous growth" in its Myanmar business following the award of the project.

After completing a design and build of addition and alteration works of a shopping centre in Yangon recently, the group currently has three main construction projects and other project management services, including the latest contract. The latest contract raised the group's order book to S$508.1 million as at the end of March 2017.

The project is not expected to have a material impact on the consolidated net tangible assets and earnings per share of the group for the current financial year ending Dec 31, 2017.

Soilbuild's shares closed unchanged at 21.5 Singapore cents on Monday.