Tiong Seng (K2P.SG) +4.1% at $0.255 vs flat at $0.245 midday following construction group’s announcement during lunch break of $270 million contract to build mixed development in Singapore comprising hospital, hotel, medical clinics, according to Dow Jones.

Project awarded by Singapore HealthPartners to Tiong Seng’s 45%-owned JV with Samsung C&T Corp, expected to be completed by January 2013. Even at $121.5 million, based on 45% stake, amount significant considering Tiong Seng’s entire 1H10 revenue at $124.4 million. Contract brings total orderbook to $1.09 billion.

“The mid-term outlook looks positive with the sustained demand for construction services. In addition, with the group’s new launches set to pick up pace from 2H 2010, its property income should increase going forward,” says Standard & Poor’s Equity Research. Resistance at August peak of $0.275.