Tiong Seng wins $277.3 million contract for JTC Space@Tuas

SINGAPORE - The construction arm of Tiong Seng Holdings has been awarded a $277.3 million contract from JTC Corporation to build an industrial park at Tuas Avenue 1.

The contract will increase Tiong Seng's order book to about $1.5 billion, extending to 2020, it said in a statement to the Singapore Exchange on Wednesday.

The project, known as JTC Space @ Tuas, will comprise seven land-based factories, 36 ramp-up and 95 flatted factories across two 10-storey blocks and three nine-storey blocks.

Tiong Seng will also build a workers' dormitory and a vehicle parking facility.

Construction will commence on July 15 and is expected to be completed in 2017.

JTC Space @ Tuas is envisioned as a manufacturing cluster for firms in both heavy and light industries such as oil and gas, precision engineering and general manufacturing.

The contract is not expected to have any material impact on the net tangible assets and earnings per share of the group for its financial year ending Dec 31, Tiong Seng said.

It made the announcement after the market closed. Tiong Seng shares closed down 0.2 cent at 13.6 cents on Wednesday.