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Yongnam JV wins S$553.8m LTA contract; part of future North-South Corridor
YONGNAM Holdings' joint venture with Leighton Asia has bagged a S$553.8 million Land Transport Authority contract for the design and construction of a part of the future North-South Corridor (NSC) project.
The steel contractor and civil engineering firm's 30:70 joint venture with Leighton Asia - part of the CIMIC Group - has been awarded the N103 design and construction contract, which consists of a 640-metre section of tunnel with an entry ramp and an exit ramp between Kampong Java Road and Suffolk Walk. The contract also includes the provision of commuter facilities and the widening of Rochor Canal, according to a media statement from LTA.
The contract will commence in the second quarter of 2018, and be completed by 2026, which is also the expected year of completion for the NSC. It is expected to have a positive impact on the group's financials for the fiscal year ended Dec 31, 2018, Yongnam said.
"The award of this major transport infrastructure works contract reflects the confidence our business partner and client have in the group's competencies and track record to develop Singapore's first integrated transport corridor to connect towns in the northern region to the city centre," said Yongnam's chief executive Seow Soon Yong.
He added the group will continue to "actively participate" in bidding for various major public sector infrastructure projects in Singapore, Hong Kong, Australia, Malaysia and the Middle East to boost its order book.
Yongnam's counter ended on Wednesday at 31 Singapore cents, up 3.33 per cent before the announcement was made.
The North-South Corridor will be Singapore's first integrated transport corridor featuring continuous bus lanes and cycling trunk routes.
According to LTA's website, dedicated bus lanes for express bus services will reduce travelling time from Woodlands, Sembawang, Yishun and Ang Mo Kio to the city by up to 30 minutes, and also make bus connections faster between residential towns along the NSC.