A RMB5 million (S$1 million) project involves relocating a 6th Generation OLED module panel assembly factory in Guangzhou, Guangdong Province.
A second contract worth S$0.6 million is to manage the factory relocation of a US-owned Taiwan-based semiconductor customer.
Both projects are scheduled for completion by March 2021.
Revenue recognition for the PRC project commenced in 2HFY2021, while revenue from the Taiwan project will be recognised in FY2021.
In the Third Party Logistics segment, Chasen’s Malaysian subsidiary secured three contracts worth RM20 million (S$6.6 million) to deliver electronic and semi-conductor parts for two US MNCs with manufacturing plants spanning Singapore, Malaysia and the PRC.
These one-year tenure contracts secured by Penang-based City Zone Express Sdn Bhd underscore the growing demand for cross-border land freight amid higher costs and restricted capacity for sea and air freight due to disruptions caused by COVID-19.
Cross-border operations have commenced for the first two contracts while the third contract will commence in Q4FY2021.
These projects build on the momentum of business recovery that began when Chasen announced S$21 million of new contracts at end July 2020.
The latest contracts lifted fresh orders (since FY2020) to S$29.2 million.
Mr Low Weng Fatt, Chasen’s Managing Director and CEO, said, “The recovery from the disruptions caused by the pandemic is clear and gaining momentum for our two logistics segments. The electronics sector, especially in the PRC, is witnessing good orders, which favour our leadership position in Specialist Relocation while our 3PL is benefiting from robust demand in cross-border land freight services and warehousing in Southeast Asia and East Asia.”
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