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Wee Hur unit bags S$39m construction project from Tanglin Trust School

MAINBOARD-LISTED property group Wee Hur Holdings, through its wholly-owned subsidiary Wee Hur Construction, has secured a S$39 million construction project from Tanglin Trust School. 

The project involves additions and alterations, including the construction of a new, 11-storey educational institution block that comes with a carpark, sports and recreational facilities at 95 Portsdown Road.

Construction will commence on July 15 and is expected to be completed on July 15, 2021.

The project is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the group for the financial year ending Dec 31, 2019, according to an exchange filing on Tuesday. 

Wee Hur Holdings had its earnings halved in the first quarter, as turnover from a muted development segment fell.

Net profit dropped to S$5.72 million for the three months to March 31, down 48 per cent on the S$11.1 million posted in the previous year, while group revenue plunged by 70 per cent to S$48.6 million on a drop in property development contributions, according to unaudited statements put out in May. 

Wee Hur shares closed unchanged at S$0.22 on Tuesday before the announcement.