SINGAPORE (Dec 31): Soilbuild Construction Group announced Tuesday that wholly-owned subsidiary SB Procurement has secured a $58.1 million contract to build a factory at Corporation Drive in western Singapore.

The Corporation Drive Project, which involves the erection of a 10-storey multi-user general industry factory with a temporary ancillary industrial canteen and a mezzanine for an ancillary office, is expected to be completed in 2QCY2021.

The contract was awarded by SB (Yung Ho) Investment, a wholly-owned subsidiary of Soilbuild Group Holdings, whose sole shareholder is Soilbuild Construction’s executive chairman, Lim Chap Huat.

Lim Cheng Hwa, Soilbuild Construction’s non-executive director, is also a director of Soilbuild Group Holdings.

As such, the project constitutes an interested person transaction.

Soilbuild Construction says the new contract is not expected to have a material impact on its consolidated net tangible assets per share and consolidated earnings per share for the current financial year ending Dec 31, 2019.

As at 2.44pm on Tuesday, shares in Soilbuild Construction are trading flat at 5.8 cents.