The project is Midtown Gardens whose developers are GuocoLand, Hong Leong Group and Hong Leong Investment Holdings. The consortium put in the top bid of S$800.19 million (S$1,535 per square foot per plot ratio) in a Government Land Sale tender last year. |
PPVC module being delivered to a construction site. Photo: Company
Tiong Seng will construct two 30-storey residential apartment blocks with more than 500 units. The first storey will comprise commercial space and various communal facilities such as a landscape deck, swimming pool, clubhouse as well as carpark space.
Stock price |
13 c |
52-week range |
12 - 28 c |
PE (ttm) |
5.2 |
Market cap |
S$55 m |
Shares outstanding |
445 m |
Dividend |
4% |
1-year return |
-41% |
Source: Bloomberg |
Additionally, the development will include an open public plaza, retail space and an underground pedestrian network.
Tiong Seng said the project will harness its in-house Prefabricated Prefinished Volumetric Construction (PPVC) capabilities, whereby free-standing volumetric modules are produced off-site at the Group’s production facility before being transported on-site for assembly.
Tiong Seng has an established track record in the application of PPVC technologies, a factor behind its third contract win this year. (See: TIONG SENG: Construction demand in 2020 to remain strong).
![]() "Positioned as one of the industry leaders in developing and adopting cutting-edge construction technologies, we are optimistic that we can build on this momentum to capitalise on future growth opportunities moving forward.” -- Pek Lian Guan, CEO of Tiong Seng Holdings (NextInsight file photo) |
The latest project wins will increase the Group’s construction order book size to approximately S$1.2 billion extending to 2023.