SINGAPORE (Jan 16): Sysma Holdings’ wholly-owned subsidiary Sysma Construction has been awarded a $5 million contract for the construction of two two-storey detached houses at Medway Drive in Serangoon Gardens.

The contract was awarded by Sin Ee Wuen, Sysma’s deputy chief executive officer, and the son of Sysma’s executive chairman and group CEO, Sin Soon Teng.

As such, the deal constitutes an interested person transaction.

Sin had appointed Ernesto Bedmar Architects as the consultant for the project. The architectural firm had issued the letter of acceptance of tender to Sysma Construction on behalf of Sin on Jan 10.

The construction project is expected to be completed within 16 months after receiving the necessary permits.

In a filing to SGX, Sysma says the contract will benefit the company in terms of its utilisation of its excess capacity, and contribute positively to the group’s financial results, especially in view of the current general slowdown in the construction industry in Singapore.

Shares of Sysma last closed at 17.1 cents on Monday.