Yongnam wins five contracts in Singapore, Hong Kong totalling S$32.8m

MAINBOARD-LISTED Yongnam Holdings has bagged five contracts worth S$32.8 million in Singapore and Hong Kong. Four out of five are specialist civil engineering contracts.

Yongnam, a provider of structural steel contractor and specialist civil engineering solutions, expects the contracts to have a positive impact on its financial performance for the year ending Dec 31, 2021, it said in a bourse filing on Friday.

In Singapore, the group will supply, fabricate and install structural steelwork for the construction of a new integrated services centre and retrofitting works to the Immigration & Checkpoints Authority Building. The contract will conclude by the end of 2022.

The group will also cover temporary steel bridge works at an Integrated Train Testing Centre to be built in Tuas. It expects the contract to end in the second half of 2023.

Yongnam's second specialist civil engineering contract win in Singapore comprises the construction, completion and maintenance of steel struts, soldier piles and king posts for advanced infrastructure work. This is for the second-phase development of Bulim Square, located in the upcoming Jurong Innovation District. The contract is expected to be completed in the first half of 2023.

The group's third specialist civil engineering contract in Singapore consists of the design, fabrication, installation and removal of earth retaining or stabilising structures systems for an infrastructural development in the eastern part of the Republic, with completion expected in the second half of 2022.

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In Hong Kong, the group bagged a specialist civil engineering contract for the design, supply and dismantling of excavation and lateral support works at a depressed road and the West Ventilation Building for tunnel and road works connecting the Central Kowloon Route to the Tseung Kwan O-Lam Tin Tunnel. The contract is estimated to be completed in the second half of 2022.

Yongnam's chief executive officer Seow Soon Yong said: "While the construction sector continues to be one of the hardest hit by the pandemic, there has been a slow but gradual resumption of work since Singapore entered Phase Three of its reopening."

Shares of Yongnam closed at 8.4 Singapore cents on Friday, up 3.7 per cent or 0.3 cents.