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Tiong Seng wins S$130.5m contract to develop Club Street hotel
Mainboard-listed Tiong Seng Holdings has secured a S$130.5 million contract from Midtown Development to develop a 20-storey hotel building at Club Street, it announced on Tuesday.
The development will include shops and restaurants on the ground level, 19 storeys of hotel accommodation and a basement carpark. Site possession is expected to take place within August 2019.
The construction firm said the project will use a full concrete PPVC (Prefabricated Prefinished Volumetric Construction) method, in which concrete modules will be produced at Tiong Seng's production facility and then transported to the site for assembly.
"Located in close proximity to the Central Business District, this development will allow us to showcase our diversified product offering, quality of workmanship and ability to complete projects of varying complexity, uses and scale," said Tiong Seng CEO Pek Lian Guan.
"As a first-of-its-kind hotel in Singapore to be built using a fully concrete PPVC method, this project will continue to elevate our position as an industry leader in harnessing cutting-edge construction solutions."
The project win brings Tiong Seng's construction order book to approximately S$753 million, extending to 2023.
Tiong Seng shares closed at S$0.205 before the announcement, down 0.5 Singapore cent or 2.38 per cent.