Tiong Seng unit wins S$227.5m construction contract for residential project

CONSTRUCTION group and property developer Tiong Seng Holdings on Monday said it will construct a private residential development on Tan Quee Lan Street for S$227.5 million.

MTG Apartments and MTG Retail awarded the contract to the mainboard-listed firm's wholly-owned subsidiary Tiong Seng Contractors.

The project will include two 30-storey apartment blocks housing more than 500 units, as well as a commercial component on the first storey.

It will also have retail space, an open public plaza, a car park, an underground pedestrian network and communal facilities such as a landscape deck, swimming pool and clubhouse.

Site possession is expected to be in March this year, Tiong Seng said.

None of Tiong Seng's directors or controlling shareholder has any interest, direct or indirect, in the contract.

Tiong Seng shares were flat at 12.4 Singapore cents as at 9.23am on Monday.