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Yongnam secures four contracts worth S$63m

STEEL fabricator Yongnam Holdings announced on Thursday that it has secured four contracts worth S$63 million in Singapore and Hong Kong.

Three of the projects will be based in Singapore, and the last, in Hong Kong.

In the first two Singapore contracts, the steelmaker will supply, fabricate, deliver and erect structural steelwork for a mixed-use development on the grounds of the Singapore General Hospital (SGH), and the development of the Punggol Regional Sport Centre.

Work on the SGH campus is expected to be completed in the fourth quarter of 2021. The contract for the Punggol Regional Sport Centre is expected to start in the second half of  this year and to be completed in 2022.

The third project in Singapore is a specialist civil-engineering project for the construction of underground rail infrastructure at Changi East Development.

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For this, Yongnam will undertake specialist civil-engineering works to supply, fabricate, install and dismantle sheet piles, soldier piles and steel struts. The contract is expected to start in the second half of this year and to be completed in 2023.

In the Hong Kong project, Yongnam will design, supply, install and undertake the removal of earth lateral support work at an existing MTR terminus linked to a residential development. The contract is expected to start in the second half of 2020 and be completed in 2023.

The company’s chief  executive officer Seow Soon Yong said: “We are optimistic that our recent contract wins, both in Singapore and in Hong Kong, will help kick-start a recovery in construction work and further strengthen our order book."

The contracts are expected to have a positive impact on Yongnam’s performance for the year, amid a decline in construction activities as a result of the Covid-19 pandemic.

Yongnam shares closed down 0.3 Singapore cents or 3.4 per cent at 8.5 cents on Thursday.

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