The $6-billion Resorts World at Sentosa. Artist's impression of Resorts World at Sentosa
WORK IS slowing down in many places but not at Design Studio Manufacturer
Just 6 days after announcing that it had ended 2008 with an order book of $195 million, Design Studio yesterday evening (Jan 20) said its 45%-owned joint venture had clinched a $48-million contract at the casino of the upcoming Resorts World at Sentosa.
This is the second contract that the JV has secured from Singapore’s two Integrated Resorts.
Resorts World at Sentosa will be a collection of resorts and attractions with a plethora of fun-filled offerings for the entire family.
Spanning 49 hectares, this S$6 billion mega-resort will be home to Southeast Asia’s first and only Universal Studios theme park, the world’s largest oceanarium and the region’s first integrated destination spa.
The joint venture, DDS Contracts & Interior Solutions Pte Ltd, that clinched the $48-million contract is an interior fit-out specialist company offering total solutions to fitting-out projects.
Bernard and Mohannad: Shaking hands on a deal to form
a JV last April. Picture by Goh Chee Kiong
a JV last April. Picture by Goh Chee Kiong
DDS is to provide ID fitting-out works and services including the supply of gaming furniture to the 15,000 square meters casino.
DDS is a joint venture between Depa, the world’s largest interior contracting company, and Design Studio.
The joint venture targets interior contracts in the hospitality and commercial segments within Singapore, Malaysia, Thailand, Indonesia and Vietnam.
Design Studio trades at 4.5X its FY07 earnings.
Mr. Bernard Lim, CEO of DDS and Design Studio, said, “Resorts World at Sentosa will transform the landscape of Singapore when completed. We are proud to be associated with this exciting destination and look forward in bringing our expertise to the project.
“Our ability to secure good quality projects speaks volume of the Company’s capabilities. We would build on this track record and continue to explore similar high end projects within the regions.”
Mr. Mohannad Sweid, CEO of Depa, commented, “DDS has made outstanding progress in Singapore market and we believe that it will continue to win selected landmark hotel and commercial projects in the future. Like Depa, DDS is establishing a reputation as a leading player that prides itself in its ability to work on selected projects and deliver them on time and on budget.”
The new contract is to contribute positively to Design Studio’s and Depa’s financial performance in FY2009 / 2010.
Recent story: DESIGN STUDIO: $195-m order book on hand
