Chip Eng Seng unit bags S$174m HDB contract

Jude Chan

Published Tue, May 31, 2022 · 08:17 PM

PROPERTY developer Chip Eng Seng Corporation announced Tuesday (May 31) that wholly-owned subsidiary CES Engineering & Construction has been awarded a S$173.5 million contract by the Housing and Development Board (HDB).

The contract is for building works, including a community club and a park, in a neighbourhood in Hougang.

Construction will start at the end of June, and is expected to take 48 months.

The group beat 17 other construction companies in a government tender for the contract.

Chip Eng Seng said the contract is not expected to have any material impact on its net tangible assets and earnings per share for the current financial year ending December.

Shares of Chip Eng Seng closed flat at S$0.43 on Tuesday, before the announcement.