TA Corp unit secures two contracts worth $271m

Business Times: Thu, Nov 24
NEWLY listed property and construction group TA Corporation said that its wholly owned unit, Tiong Aik Construction Pte Ltd, secured two new construction contracts from Allgreen Properties and its subsidiary worth $271 million. The first contract i…
NEWLY listed property and construction group TA Corporation said that its wholly owned unit, Tiong Aik Construction Pte Ltd, secured two new construction contracts from Allgreen Properties and its subsidiary worth $271 million.

The first contract is a proposed condominium development at Upper Serangoon Road. This contract is worth $231 million and its contract period is 34 months.

The second contract is a proposed condominium development at West Coast Road, worth $40 million and with a contract period of 28 months.

Construction for both contracts is scheduled to commence early next year.

The two new deals bring the group’s order book for construction projects to about $587 million.

TA Corp added that it expects the majority of its order book to be progressively fulfilled over the next 34 months.

Neo Tiam Boon, CEO and executive director of TA Corp, said: ‘We are delighted to have secured two projects from our valued long-time customer, Allgreen Properties Ltd, with whom we’ve had a strong working relationship.’

‘With our experience and expertise in the construction industry, we are well-positioned to secure more construction projects to further strengthen our order book,’ he added.

The two contracts are not expected to have a material financial impact on the net tangible assets and earnings per share of the group for the current financial year ending Dec 31, 2011.

Mr Neo added: ‘Going forward, TA Corporation will continue to focus on our twin pillars of growth: construction and real estate development. Besides striving to win more construction projects, we are also looking at opportunities to expand our real estate development business, both in Singapore and in our overseas markets.’

TA Corp listed on the Singapore Exchange mainboard on Nov 21. Its shares closed 3.5 cents up yesterday at 32.5 cents.

Source: Business Times © Singapore Press Holdings Ltd

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