Chip Eng Seng Contractors has clinched a S$113 million contract with the Housing & Development Board (HDB) to build residential developments in Hougang Neighbourhood 4.
Under the contract, Chip Eng Seng will build five residential towers with 792 units and a multi-storey carpark for a construction period of around 27 months.
The company said the new contract is not expected to have any material impact on its earnings or net tangible assets for the current financial year.
Meanwhile, its parent company, Chip Eng Seng Corporation, has announced that its net profit in the second quarter dropped 14.4 percent to S$17.71 million. Its overall revenue also fell 31.3 percent to S$86 million, attributed mainly to lower contributions from the construction division, which recorded a 46.4 percent decline to S$45.03 million.
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