The Business Times
business-time-50

Lum Chang wins S$110 million contract to build hotel along Orchard Rd

google-preferred-sourceAdd BT as a preferred source
Tessa Oh

Tessa Oh

Published Thu, Dec 22, 2022 · 07:11 PM
    • The 19-storey hotel will be located along Orchard Road and is expected to have 246 rooms with ancillary facilities.
    • The 19-storey hotel will be located along Orchard Road and is expected to have 246 rooms with ancillary facilities. PHOTO: BLOOMBERG

    SINGAPORE construction player Lum Chang ’s wholly-owned subsidiary, Lum Chang Building Contractors, has secured a tender to build a 19-storey hotel along Orchard Road for S$110 million.

    The contract was awarded by UOL Property Investments and is scheduled to be completed over a 36-month period starting from April next year. The hotel is expected to have 246 rooms with ancillary facilities, said the company in a bourse filing on Thursday (Dec 22).

    The contract is not expected to have a material financial impact on the group’s results for the financial year ending Jun 30, 2023. The earnings from the contract will be recognised progressively according to the stages of its completion.

    The latest contract win brings the total outstanding value of construction works yet to be reported as revenue for the subsidiary to about S$1.6 billion.

    Shares of Lum Chang closed flat at S$0.38 on Thursday, before the announcement.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Lum ChangConstructionHotels

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Traffic through the strait has been resuming but with interruptions, and there is still little clarity over a permanent solution for passages through the chokepoint.

    Qatari LNG ship struck in Strait of Hormuz, testing US talks

    This comes after a Citi note on Tuesday that lifted target prices for all Singapore banks, with a leading preference and “buy” call for DBS.

    DBS shares rise 1.9% to hit all-time intraday high as sentiment improves

    Aster deputy CEO Andre Khor, citing the age of the “polycrisis”, says: “It’s very important to be agile, to be focused on execution… We don’t know all the answers but we keep going forward.”

    ‘Baptism of fire’: Andre Khor on leading Singapore refiner Aster through an energy crisis

    Singapore ranks as the world’s most expensive city for cars and placed third globally for residential property.

    Singapore retains top spot as most expensive city for HNWIs, with five Apac cities in global top 10

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More