CHIP Eng Seng Corporation has been awarded a contract worth $188 million by the Housing & Development Board

CHIP Eng Seng Corporation has been awarded a contract worth $188 million by the Housing & Development Board for the construction of 1,394 dwelling units in Queenstown.

The contract, won through wholly-owned subsidiary Chip Eng Seng Contractors (1988) Pte Ltd, also includes the construction of a multi-storey carpark, link bridges, a roof garden, an education centre and other facilities.

Building works are expected to begin next month and to be completed by 2011. This is Chip Eng Seng’s first construction contract won this year.

With construction demand on the rise, Chip Eng Seng said it expects its construction division to be busy with tenders and construction work this year.

‘After many lacklustre years, an upturn in the construction industry is in view. We are very positive about our prospects for 2008,’ said Lim Tiam Seng, executive chairman of the group.

As at June 2007, Chip Eng Seng had a construction order book of about $590 million that will take the group through to 2011. The company is undertaking two other HDB housing projects. One is in Sembawang and the other is the Pinnacle @ Duxton, which features seven 50-storey residential blocks with skybridges, and communal and commercial facilities.

When completed, Pinnacle @ Duxton will be the tallest public housing in Singapore.

Chip Eng Seng, which is into property as well as construction, has undertaken a broad spectrum of construction projects in both the private and public sectors. It has also been actively acquiring and developing properties in Singapore, spanning residential, commercial and industrial properties.

Source : Business Times - 22 Jan 2008

Listed construction and property group group Chip Eng Seng said yesterday that its freehold Ventuno Balmoral is fully sold

Listed construction and property group group Chip Eng Seng said yesterday that its freehold Ventuno Balmoral is fully sold and it plans to launch three more condominium projects in the next few months.

The 35-unit Ventuno Balmoral, in Balmoral Road, was launched in March this year and sold at an average of $1,300 per sq ft. Chip Eng Seng now plans to launch one project each in Peck Hay and Grange roads and the West Coast. All three sites, secured through collective sales, are being jointly developed with other parties. The Peck Hay and Grange road projects will be luxury condominiums.

At Peck Hay Road, Chip Eng Seng and partner Lehman Brothers Real Estate II plan to build 70 units on what is now Venus Mansion. At Grange Road, Chip Eng Seng’s partner is the Citadel Equity Fund, part of the Chicago-based Citadel Investment group. The partners paid $180 million or $1,207 per square foot of potential gross floor area for Grange Tower, which is being redeveloped into a 68-unit luxury development.

The third proposed development is a 668-unit freehold condominium at West Coast Walk/Road, on the site of the present Westpeak Condominium. Chip Eng Seng is teaming up with a Lehman Brothers unit for this project.

Chip Eng Seng said yesterday that Ventuno Balmoral and the three future projects should contribute positively for the current financial year ending Dec 31, 2007.

Source: The Business Times, 03 May 2007

Listed on the main board of SGX, Chip Eng Seng Corporation Ltd

Listed on the main board of SGX, Chip Eng Seng Corporation Ltd is one of Singapore's leading construction companies. Its scope of business includes construction, property development and property investment. The Group’s construction arm, Chip Eng Seng Contractors (1988) Pte Ltd is a BCA A1 general building contractor that is eligible for public project tenders of unlimited value. Leveraging on its competencies in building methodology and project management, the group diversified into complementary area of property development in 2000. This business diversification strategy was initiated to broaden the Group's business scope and earnings.

The Group’s property development and investment arms are headed by CEL Development Pte Ltd (formerly known as Chip Eng Leong Enterprise Pte Ltd). It has since undertaken several development projects in Singapore and Australia, on its own and with its partners.

In 2006, Chip Eng Seng was awarded Winner for the "Most Transparent Company" under the construction category organised by Securities Investors Association of (Singapore). This is the third time that the Company is recognised for its unwavering commitment to corporate transparency. In 2005 and 2004, the Company was respectively the Runner-Up and Winner in this category.

The Group's construction arm, Chip Eng Seng Contractors (1988) Pte Ltd was also accorded the Housing & Development Board's Quality Award 2005 - a fitting testimony to the professional quality that the Group delivers for its construction undertakings.