CEO Bernard Lim: Design Studio won the Singapore Prestige Brand award in the established brands category.
The company, which is listed on the Singapore Exchange, ended 2008 with an order book of S$195 million.
That’s a lot of work on hand - even higher than the S$189 million order book that it had secured as of the middle of last year.
As the second half of the year progressed, Design Studio completed work orders and continued to secure contracts, which is how it ended 2008 with $195 million worth of work on hand.
Design Studio is Singapore’s leading premier furniture manufacturer, product and interior fitting-out specialist.
The Group successfully secured new orders from projects in Singapore, Middle East and Thailand, reflecting its continued strategy to expand and diversify its business globally.
Among these new projects was the supply of joinery products such as fire-rated doors, sliding doors, wardrobes and vanities for 716 guest rooms and suites in Hotel Tower 1 of the Marina Bay Sands Integrated Resort.
The Group continued to make inroads in the Middle East market where it clinched a deal to supply joinery products for 101 rooms in the Al Meydan Hotel in Dubai.
Stock is down 68% in the past 12 months.
With that project, Design Studio expanded its list of big-name projects secured in 2008 in the Middle East, including Marina Hotel and Crowne Plaza Hotel on Yas Island in Abu Dhabi and Burj Dubai project in Dubai.
In Thailand, the Group also secured two contracts to supply kitchen systems.
In Singapore, Design Studio also received a new contract to supply and install bathroom vanities to 1,129 apartments at Reflections @ Keppel Bay.
This is in addition to a S$27-million contract secured in the middle of the year for the supply and installation of kitchen cabinets and wardrobes in the apartments.
Mr Bernard Lim, Executive Chairman & CEO of Design Studio, said, “Our ability to continually secure contracts attests to the Group’s strong position as a premier furniture manufacturer and product specialist.
"In 2008, we were awarded the Singapore Prestige Brand Award—Established Brand. We believe this recognition reflects our achievement as a reliable and established brand.”
Design Studio will announce full-year results in due course.
