SINGAPORE (June 19): Tiong Seng Holdings’ wholly-owned subsidiary Tiong Seng Civil Engineering has secured a contract worth $28.9 million for construction work at a condominium development at Balmoral Road in Singapore.

The contract was awarded by Tiong Seng’s joint venture company, TSky Balmoral.

The construction works, which are expected to commence this month, include the proposed erection of two residential buildings – one 12-storey and one 3-storey – at the condominium housing development.

It will also include a basement carpark, swimming pool, sky terrace, and communal facilities, as well as a temporary show flat and sales gallery.

Tiong Seng says the contract is not expected to have any material impact on its net tangible assets and earnings per share for the current financial year ending Dec 31, 2018.

Tiong Seng and Ocean Sky International last year jointly acquired the Sloane Court Hotel at 17 Balmoral Road and certain sites at Balmoral Road for a total of $80.5 million.

Located in prime district 10, the acquisitions have a combined site area of about 3,618 sqm.

Shares of Tiong Seng closed flat at 39 cents on Tuesday.