| Coney Island, which has grown more popular for outdoor seekers during the current pandemic, will see construction trucks and workers also converging there soon. In a brief announcement yesterday (10 Dec), Tiong Seng Holdings said it had been awarded a S$192.3 million contract by the government to construct an Outward Bound Singapore campus on the island and the nearby Lorong Halus (Punggol Planning Area). It said site possession would take place this month. Coney Island is connected to mainland Singapore by bridges in the east and west. In its previous update, Tiong Seng Holdings said its outstanding order book as at end-June 2020 stood at S$1.2 billion, extending to 2023. |
Coney Island: The new Outward Bound School campus will feature facilities for advanced challenge ropes courses, abseiling, rock-climbing and artificial caving systems.
|
Tiong Seng stock price |
15 c |
|
52-week range |
12 - 21 c |
|
PE (ttm) |
-- |
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Market cap |
S$67.5 m |
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Shares outstanding |
441 m |
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Dividend |
3.27% |
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1-year return |
-21% |
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Source: Bloomberg |
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The government's intent for the Outward Bound School, currently located on Pulau Ubin, to be extended to Coney Island was signaled way back in 2016.
Consultant EnviroSolutions & Consulting was subsequently appointed to examine the potential environmental effects of the development.
The campus was planned to occupy about 12 hectares (~10% of Coney Island) and is part of the National Outdoor Adventure Education Masterplan unveiled in Budget 2016 to instil resilience in students.
The new campus will be located where a five-day expedition-based camp will be held.
The camp will be made compulsory for all Secondary 3 students.
OBS@Coney will feature new outdoor adventure education facilities, such as advanced challenge ropes courses, abseiling, rock-climbing and artificial caving systems.
Watch ChannelNewsAsia's video report here.