Tiong Seng Holdings

Tiong Seng carves out new engineering solutions unit; reorganises management structure

SINGAPORE (Dec 10): Following a strategic review of its various businesses, Tiong Seng Holdings says it will carve out a new engineering solutions arm and reorganise its management structure.

At present, Tiong Seng operates two main subsidiaries. These are construction unit Tiong Seng Contractors (TSC) and property development arm Chang De Investments (CDI). The other subsidiaries include Robin Village Development, Robin Village International and Steeltech Industries.

Fed cuts rate, but neutral stance disappoints markets; oil prices ease with assurance of supply

SINGAPORE (Sept 23): On Sept 18, the US Federal Reserve lowered interest rates for the second time this year by 25 basis points to between 1.75% and 2%. Fed chair Jerome Powell says the US economy remains strong and unemployment low. He adds, however, that “there are risks to this positive outlook”. If the economy weakens, a “more extensive sequence of rate cuts could be appropriate”.

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Tiong Seng CEO Pek Lian Guan under CPIB probe

SINGAPORE (Sept 16): Pek Lian Guan, the CEO and executive director of Tiong Seng Holdings, is being probed by the Corrupt Practices Investigation Bureau in connection with certain staff loan transactions.

In a filing to SGX on Sept 16, the company revealed that Pek, who has worked in the construction company since 1990, was interviewed by CPIB on Sept 12.

Tiong Seng awarded $287 mil contract by JTC

SINGAPORE (Sept 9): Tiong Seng Holdings' wholly-owned subsidiary, Tiong Seng Contractors, has won a contract from JTC Corporation worth $287 million.

The contract is for the construction of a seven-storey industrial ramp-up multi-user building with ancillary facilities at Ang Mo Kio Street 64/65.

The group is expected to take possession of the site by this month.

The contract is not expected to have any material impact on Tiong Seng’s earnings for FY19.

As at 10.40am, shares in Tiong Seng are trading at 22 cents.

Tiong Seng secures $130.5 mil contract to build hotel using PPVC method

SINGAPORE (Aug 27): Tiong Seng Holdings, the construction group and property developer, has been awarded a construction contract worth $130.5 million by Midtown Development, a company that is part of the Worldwide Hotels Group, to develop a hotel.

The first-of-its-kind hotel located at Club Street will be utilising a full concrete prefabricated prefinished volumetric construction (PPVC) method, whereby the volumetric concrete modules are produced off-site at the group’s production facility before being transported on-site for assembly.

Tiong Seng sells 55% stake in subsidiary Huiyang for $13.4 mil

SINGAPORE (June 3): Tiong Seng’s subsidiary Suzhou Huisheng Construction Development Co is selling its entire 55% stake in Jiangsu Huiyang Construction Development Co to its 45% shareholder for a consideration of RMB 67 million ($13.4 million).

Tiong Seng posts 73% drop in 1Q earnings to $1.3 mil

SINGAPORE (May 13): Tiong Seng Holdings announced that its 1Q19 earnings have dropped by 73% to $1.3 million, compared to $4.9 million in 1Q18.

Total revenue for the period dropped 37% to $89.3 million from $140.8 million a year ago, this was mainly due to lower revenue contributions from all of the group’s business segments – construction contracts, sales of development properties and rental income.

Tiong Seng partners leading UK construction firm to explore 3D printing technology for construction

SINGAPORE (Sept 24): Property developer and construction group Tiong Seng Holdings has signed a memorandum of understanding with leading UK construction firm Laing O’Rourke to further the development and utilisation of 3D printing technology for the construction industry.

Leveraging on Laing O’Rourke’s proprietary FreeFAB technology, Tiong Seng will explore 3D printing for construction that allows complex building components and prototypes to be designed and fabricated in a cost-effective manner with shorter lead times.

Tiong Seng awarded $28.9 mil contract for Balmoral Road condominium

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.

Tiong Seng acquires two vacant land plots in Johor for $10 mil

SINGAPORE (June 18): Construction group Tiong Seng Holdings says its subsidiary Robin Village Development has agreed to fully acquire Malaysia-incorporated firm Kinsbina – which in turn owns two vacant plots of land in Mukim Rimba Terjun, Daerah Pontian, Negeri Johor – for RM29.9 million ($10 million).

This comes as part of the group’s plans to expand its production capacity and capabilities in pre-cast manufacturing and prefabrication, says the group in its filing on Monday.

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