Soilbuild Construction Group has been awarded a US$50.4 million contract to build and design a 24-storey residential project with four levels of semi-basement in Yangon, Myanmar.
The Rosehill Residences project is the group’s first construction project in Myanmar since its entry into the emerging market in 2012.
It was awarded by Rose Hill Soilbuild Co., which is a joint venture company established in Myanmar by SB (Rosehill) Development and a Myanmar partner.
SB (Rosehill) Development is a fully-owned subsidiary of Soilbuild Group Holdings, which is wholly-owned by Soilbuild Construction executive chairman Lim Chap Huat.
In an SGX filing, the company revealed that construction work is set to commence in Q3 2015 and will be completed within 40 months.
It is not expected to have any material impact on the group’s consolidated net tangible assets and earnings per share for the current financial year ending 31 December 2015.
In fact, it will bring the group’s latest order book to approximately $784 million to date.
“We believe that Myanmar market has growth potential where there will be increased demand for building construction as well as infrastructure development in the near future,” said Soilbuild Construction’s executive director Ho Toon Bah.
“As such, it is the group’s long term strategy and commitment to further establish and grow our business presence there. The project award is certainly encouraging as we strive to strengthen our reputation and construction capabilities in the local market.”
“Moving forward, we will continue to leverage our expertise and experience, and business network to secure more contracts locally,” he added.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
