Tong Eng gives new life to ageing assets
Redevelopment of Serangoon Plaza to start later this year; strata office sales to start after Chinese New Year.
TONG Eng Group faced one of its most trying moments during the mid-1980s. Shortly after the group bought Serangoon Plaza and around the time it completed the development of Eminent Plaza in Lavender Street, Singapore slipped into a recession. "The property market tanked and we went through difficult times renting out the two buildings," recalls Teo Tong Lim, group managing director at Tong Eng Brothers.
"I have gone through a few recessions. The main thing is we have been able to survive because we do not overgear and so we have been able to weather the difficult times.
"Property is cyclical and we have to be ready."
One of Singapore's oldest developers, the group is now in the midst of…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Wilmar appoints former minister George Yeo as independent non-executive director
UOB Kay Hian says ‘disadvantageous’ to reveal details of key management’s remuneration
Deutsche Bank has cut dozens in Asia private banking overhaul
Middle East violence heightens market fears of rate hikes, inflation
Tokyo's Nikkei drops more than 1,000 points, most in 3 years
Cordlife calls for trading halt after shares sink to all-time low, pending announcement