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Tiong Seng bags S$50m contract for construction of primary school compound in Punggol Way

MAINBOARD-LISTED Tiong Seng Holdings has been awarded a S$49.9 million contract with the Ministry of Education (MOE) for the construction of a new primary school compound in Punggol Way, it said on Thursday evening.

Construction is due to commence in May 2018.

In a filing with the Singapore Exchange, the construction group and property developer added that it "will leverage on its in-house prefabricated prefinished volumetric construction (PPVC) capabilities" during the construction process.

Said Pek Lian Guan, chief executive officer of Tiong Seng: "Following our recent success overseas with the handover of the low-cost Yuzana housing units in Myanmar, this new contract win with MOE is an indication that we are gathering momentum in the local market as we leverage on our broad spectrum of construction capabilities.

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"Furthermore, we are confident that our continuous adoption of advanced construction technologies such as PPVC will place us in an advantageous position to secure both private- and public-sector projects in the year ahead."

Tiong Seng shares closed at S$0.395, unchanged from the previous day.