How a start-up uses AI to spot construction site defects

SINGAPORE (Sept 30): In almost every construction project, there are close to 5,000 defects and quality control issues each day, from simple electrical circuit trips and plumbing defects to complications with ceiling height clearances. Typically, one unfortunate manager is in charge of solving the problems before the next day arrives.


Lian Beng wins $107.5 mil construction contract for residential site in Newton

SINGAPORE (Sept 13): Lian Beng Group announced that its 60%-owned subsidiary, United Tec Construction, has secured a contract worth about $107.5 million for the construction of a residential development at Kampong Java Road.

The project site is located near Newton Circus, and is within walking distance of Newton MRT Station as well as Newton Food Centre.

Lian Beng's order book boosted to $1.5 bil after bagging $235 mil contract

SINGAPORE (July 8): Homegrown construction and property group Lian Beng kicked FY2020 off on a strong note, after securing a contract worth $234.7 million for the construction of a fresh food distribution centre for NTUC Fairprice. 

Located at Sunview Road, part of the Boon Lay Planning Area, the development is designed by Surbana Jurong and spans 301,000 sf.

The contract was secured via tender through its 60%-owned subsidiary, United Tec Construction, and is slated to start in August 2019 and is expected to be completed by July 2021.

OCBC drops coverage on KSH Holdings post FY19 earnings miss

SINGAPORE (June 3): OCBC Investment Research is ceasing coverage on KSH Holdings, citing “reallocation to resources” after the construction group’s latest set of financial results missed expectations on the back of poorer-than-expected margins.

KSH Holdings' FY19 earnings down 75% after changes to accounting treatment

SINGAPORE (May 31): KSH Holdings has announced FY19 earnings of $7.7 million for FY19, down 74.8% from a restated $30.4 million in FY18 after changes to accounting treatment which are in line with International Financial Reporting Standards (IFRS).

Ley Choon sinks into 4Q, FY19 losses on lower margins

SINGAPORE (May 30): Ley Choon Group reported a loss of $5.2 million for the 4Q ended March, sinking into the red from its 4Q18 profit of $0.3 million due to lower margins.  

This brings the group to a full year loss of $9.6 million as opposed to FY18 earnings of $1.5 million a year ago.

Revenue for 4Q19 grew 2.8% y-o-y to $27.9 million from $27.1 million due to higher contributions from small diameter pipe projections, as well as the sale of construction materials.

Yongnam on track for a potential turnaround in FY20, says CGS-CIMB

SINGAPORE (May 23): CGS-CIMB Research is maintaining its “add” call on Yongnam Holdings with an unchanged target price of 33 cents, which is pegged to 0.7 times FY19F P/BV based on a 20% discount to the long-term average of 0.9 times.

To recap, Yongnam recently announced it had secured contracts worth $120.8 million for infrastructure works in Singapore, Hong Kong and India.

This bring the group’s orderbook to $448 million, the highest in seven years.

Civmec's 3Q earnings fall 98.1% to $0.1 mil after accounting for project cost overruns

SINGAPORE (May 14): Civmec, the construction and engineering services provider headquartered in Australia, has announced 3Q19 earnings of A$0.14 million, ($0.13 million) representing a 98.1% decline from its earnings of A$7.2 million a year ago.

This comes after accounting for existing and forecasted cost overruns on some near-completed engineering, procurement and construction (EPC) projects, says Civmec in its results filing on Tuesday.

OKP Holdings 1Q earnings fall 62% to $1.1 mil on lower revenue

SINGAPORE (May 6): OKP Holdings posted earnings of $1.1 million for the 1Q ended March, falling 62.4% from earnings of $2.8 million in 1Q18 on lower revenue and gross profit, together with a share of loss of associated companies and joint ventures.

Total revenue slumped 16.8% y-o-y to $19.2 million from $23 million previously due to lower contributions from the maintenance and construction segments, as fewer completed projects and lower percentages of newly-awarded projects were recognised compared to in the previous year.

Lian Beng subsidiary wins $117 mil construction contract

SINGAPORE (Mar 18): Lian Beng Group says its wholly owned subsidiary, Deenn Engineering, has a secured a contract worth $117 million to construct a building over a period of three years starting from Mar 19.

Details of the building’s location, space and functionality, nor the vendor, were not disclosed.

In a Monday filing, Lian Beng says it expects the latest contract win to contribute positively to its current financial year ending May 2019.

The group adds that its construction book now stands at $1.32 billion as at Mar 18, after factoring the latest contract.

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