It may be a property buyers' market now, but the poor economy has brought woes to another segment of the housing industry. The business slump is turning contractors into casualties of the recession, forcing some to tout for business. Residents in Punggol have recently become the targets of touts. Several callers to Channel NewsAsia's news hotline said they had been approached by many contractors seeking...
Construction
Property developer and construction firm Koh Brothers has said its full-year net profit fell 30 per cent in 2008 to S$27.7 million. The fall was mainly due to the absence of revaluation gains which it had booked in the previous financial year. Revenue for the 12 months ended December dropped 24 per cent to S$216 million. CEO Francis Koh said the company is in the midst of a challenging period and will...
Genting International is warning that its Sentosa integrated resort development could cost almost S$600m more than expected. Its total investment is expected to increase from S$6 billion to S$6.59 billion. And the firm warned that these hefty opening costs would have a "significant" impact on its earnings this year. Genting said that over the past year, changes have been made to the design and...
The Singapore government will implement more measures to stabilise the property market if needed. The assurance came from National Development Minister Mah Bow Tan in Parliament on Friday. Mr Mah said the government will go also go ahead with multi-billion dollars worth of infrastructural projects. Marina Bay, Singapore's new premier business district, is taking shape. So far, the government has...
Construction firm Koh Brothers has won a contract to build the first part of the Punggol Waterway in Punggol Town. The contract, which is awarded by the Housing and Development Board (HDB), is worth S$144.6 million. Under the deal, Koh Brothers will build a 2.4-kilometre waterway and its related engineering works in Punggol Town. The waterway, which will have a promenade on both banks, will be connected...
The Housing and Development Board (HDB) has awarded a S$144.6 million contract to Koh Brothers Building and Civil Engineering Contractor to develop Punggol estate into a premier waterfront town. Plans to revamp Punggol were announced by Prime Minister Lee Hsien Loong at the National Day Rally in August 2007. They include the construction of a 4.2-kilometre waterway which will be connected to Sungei...
Mah provides sneak peek of revived projects to be announced on Budget Day MORE deals up for grabs, less money required upfront and subsidised courses to groom local talent these are some of the initiatives that small-time construction firms can keep their eyes peeled for come Budget Day next week. The sneak peek, provided yesterday by National Development Minister Mah Bow Tan, brought cheer to struggling...
The Singapore government will roll out public sector projects worth up to S$50 million each from the middle of this year. It had earlier deferred projects amounting to S$4.7 billion to ease pressure on the construction sector. The government said the upcoming projects are expected to attract small and medium-sized contractors. National Development Minister Mah Bow Tan said: "The big contractors have...
Singapore-listed construction firm Lian Beng has posted a nine per cent increase in its first half net profit. Net earnings for the six months ended November rose to S$8.8 million from S$8.1 million a year ago. This was on the back of a 42 per cent jump in revenues to S$151 million on progress made in various construction projects. Lian Beng said demand for construction services has softened amid the...
All builders in Singapore must apply for builder's licence by June 16 next year to carry out building works here. This requirement under the Building Control Act came into effect on December 16. The Building and Construction Authority (BCA) is giving builders a grace period of six months to submit their requests to facilitate the application process for two types of licences. General Builder licences are...