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Soilbuild bags S$140.4 million in new construction contracts
SOILBUILD Construction Group : S7P +19.05% has clinched S$140.4 million in new contracts, bringing its total order book to S$492.7 million as at end-October, the company announced in a Monday (Dec 12) bourse filing.
The company&rsquo s S$492.7 million order book comprises S$384.6 million in construction projects and S$108.1 million in precast supply and delivery projects.
SB Procurement, a wholly-owned unit of Soilbuild, has been awarded a contract by the Housing and Development Board for building works at Toa Payoh Neighbourhood 1. The project involves two residential blocks, a multi-storey carpark and a community club. It is scheduled to start in Q4 this year and is set to be completed by Q2 of 2027.
Another unit of the company, Soil-Build (Pte.) Ltd, has been awarded a construction contract for piling works at Pasir Ris. This is scheduled to start in Q4 and set to be completed by Q2 2023.
&ldquo These new projects are a positive sign that our construction business is regaining momentum along with the gradual recovery of the construction sector. With the addition of these two projects, our order books have also been replenished to a healthy level while we will continue to position ourselves to take on new projects in the coming year,&rdquo said Lim Han Ren, Soilbuild&rsquo s group general manager.
Soilbuild wins new construction contract worth $55.2 mil
Soil-Build, the wholly-owned subsidiary of Soilbuild Construction Group, has been awarded a construction contract worth $55.2 million on Oct 25.
The contract is for additions and alterations made to an existing three-storey single user industrial development with other ancillary facilities at Benoi Sector, Singapore.
The project is scheduled to start in the fourth quarter of 2022 and to be completed by the third quarter of 2023.
Soilbuild Construction&rsquo s subsidiary secures new contracts approximately valued at $50 mil
Soilbuild Construction Group&rsquo s subsidiary Precast Concrete has been awarded two contracts involving the fabrication, supply and delivery of precast concrete components.
The first contract involves the fabrication, supply and delivery of precast concrete components including Prefabricated Prefinished Volumetric Construction (PPVC) works for a Housing and Development Board (HDB) build-to-order (BTO) project in Tengah, Singapore. The project is expected to commence in 1Q2023 and to be completed by 2Q2025.
For the second contract, precast concrete components will be supplied and delivered for a project which involves improvement works for a hospital in Alexandra Road, Singapore, which is expected to commence in 4Q2022 and to be completed by 2Q2023.
The approximate value of the aforementioned contracts is in the region of $50.0 million.
The contracts awarded brings the group&rsquo s latest order book to approximately $358.0 million as of end June, which comprises $258.6 million for construction projects and $99.4 million for precast supply and delivery contracts.
The contracts awarded are not expected to have any material impact on the consolidated net tangible assets per share and consolidated earnings per share of the group for the current financial year ending Dec 31.
Soilbuild Construction unit receives writ of summons from condo developer
SOILBUILD Construction Group' s wholly-owned subsidiary, Precast Concrete Builders (PCB), on Tuesday received a writ of summons and a statement of claim filed in the High Court of Singapore.
The documents were filed by the lawyers of TG Development, the developer of luxury condominium The Peak @ Cairnhill II, at 61 Cairnhill Circle, near the Newton and Orchard MRT stations.
PCB allegedly breached its obligations in a warranty, in relation to a proprietary wall system for the project, said Soilbuild Construction in a filing on Wednesday night.
Under the writ, PCB is required to satisfy TG Development' s claim of more than S$1.4 million in damages due to defects, among other things. Otherwise, PCB has to enter an appearance within eight days.
Soilbuild Construction' s board said it believes these claims, if materialised, will not materially nor adversely affect the group' s financial position.
In 2014, the project' s main contractor, Thye Chuan Engineering Construction (TCEC), engaged PCB as a sub-contractor to supply precast elements. At the time, PCB was still known as Sembcorp EOSM this was before it was acquired by Soilbuild Construction' s wholly-owned unit Precast Concrete Pte Ltd (PCPL) in November 2018, and changed its name the following month.
The project was completed in November 2015. As per its sub-contract agreement with the main contractor, PCB then issued a warranty in favour of the developer in January 2016, to warrant the satisfaction of its precast elements' workmanship, materials, performance, specification or requirement of the sub-contract works.
However, PCB allegedly breached its obligations under that warranty, by failing to effectively rectify and/or carry out and complete additional works and tests in a manner and within a time directed by the developer TG Development.
The proprietary wall system, the subject of the writ, was designed, supplied and delivered by the former Sembcorp EOSM, said Soilbuild Construction.
After the share sale-and-purchase agreement for the acquisition of the former Sembcorp EOSM was completed, neither PCB nor PCPL had continued with the design, production, supply and/or delivery of these wall elements.
The sellers of Sembcorp EOSM' s shares had also provided an indemnity to the Soilbuild Construction group and PCPL, in respect of any claim or demand arising from any project warranty obligations of Sembcorp EOSM, as a result of projects it undertook before Nov 21, 2018.
Soilbuild Construction said it has engaged legal counsel to represent itself and/or PCB in the case, and is taking legal advice on its options.
The Peak @ Cairnhill II is a freehold 18-storey apartment project with 60 units. Its facilities including a swimming pool, spa pool, pavilion, sky deck, sky gym and a sky bar.
Soilbuild Construction, BBR, Hotel Properties and Koyo warn of H1 losses
FOUR more Singapore-listed companies warned of net losses for their results for the six months ended June 30, 2020, mostly due to government-mandated operating suspensions amid the Covid-19 pandemic.
Mainboard-listed Soilbuild Construction Group on Friday said it expects to report a " significant" net loss for H1 due to operating losses arising from the suspension of activities at sites/factories.
Other factors contributing to the expected loss are a provision for losses from certain projects in Singapore due to extended construction periods, and an increase in construction cost for certain projects.
The company reported a net loss of S$1.8 million for H1 2019. It expects to release its results on Aug 11.
Meanwhile, construction and property firm BBR Holdings on Thursday evening said it expects to report a deeper net loss as Singapore' s " circuit breaker" and Malaysia' s movement control order resulted in a suspension of operations and a drop in overall business volume. It reported a net loss of S$6.9 million for H1 2019.
Budgeted project costs of ongoing projects have also increased due to delays in project schedules, the " slow and gradual" restarting of projects at a lower level of productivity due to government safety measures, and additional costs incurred to comply with the measures, the mainboard-listed firm added.
Hotel Properties Limited did not provide reasons for its expected loss announced on Thursday evening. The mainboard-listed company reported a net profit of S$3 million for Q2 2019. It will release its results on or before Aug 14.
Engineering firm Koyo International on Thursday evening said its expected loss is mainly due to a " significant" decline in revenue from the suspension of major business activities and operations. The Catalist-listed company reported a net profit of S$327,000 for H1 2019. It will release its results on or before Aug 14.
IF THIS ONE CHIONG also...THEN MARKET REALLY ANYTHING ALSO BUY...
was monitoring this lately
Construction potential
Next week can watch this one
I was on the verge of buying some lots but happen to find this article dated ard July this year about their worksmanship.
Apparently they got a lot of complains for their Greenleaf BTO flat project in Tampines.
Anyone has any idea whether the directors offered any explainations?
Not sure whether the lousy worksmanship is isolated to just this project but definately don' t leave a good impression on me.
Defects reported in BTO flats constructed by Soilbuild
Yesterday (14 Jul), the media reported that defects and poor workmanship were again found in newly completed HDB BTO flats. This time, it&rsquo s Tampines GreenLeaf.
(Defects, such as the wall skirting falling off (above) and uneven tiles, have been reported for about three in 10 units in Tampines GreenLeaf BTO flats (Photo ST))
The Tampines GreenLeaf residents were so upset with the workmanship that they have also approached their MP, Baey Yam Keng, to address the issue. They also set up a Facebook support group to exchange information with each other facing the defect problems in their flats. They also want to meet Education Minister Heng Swee Keat, the MP for Tampines GRC, to get him to help.
&ldquo I was shocked at the number of defects. I felt very upset and short-changed,&rdquo said Ms Teo, a new resident at Tampines GreenLeaf. When she entered her new 4-room flat last month, she was shocked by the plain brown of its timber skirting.
&ldquo It was quite an eyesore. That kind of brown is not even like normal wood,&rdquo she said. The sample they saw when selecting their flat had visible wood grain. That sort of skirting is in place for the first two Tampines GreenLeaf blocks, 522A and 522B but not hers.
Another resident, Mr Simon Ng, complained about the widening gaps between the skirting and the wall. &ldquo The defects will definitely delay my plans for moving into the new house,&rdquo said Mr Ng. &ldquo The worst is that during this period, I have to pay for two houses, which is tough.&rdquo
Other reported problems by the residents include uneven tiles, chipped walls and rust stains.
HDB acknowledged that out of about half (430) of the flats handed over so far, 30% have reported problems.
MP Baey tried to downplay the problems by saying, &ldquo When you have a concentration of interest and views, it just reinforces or heightens feelings.&rdquo He said he has received just five to 10 e-mail messages.
Nevertheless, Mr Baey and Minister Heng are arranging to be briefed by the HDB and then to meet residents. HDB said they are doing their best to address the feedback.
Contractor is Soildbuild Construction Group Ltd
Tampines GreenLeaf is situated at the junction of Tampines Avenue 6 and Tampines Avenue 9. The BTO project consists of 960 flats in total.
Link:http://www.hdb.gov.sg/fi10/fi10297p.nsf/ImageView/MayBTO2011AnnexA/$file/Annex_A.pdf
96 units of 2-room flats
160 units of 3-room flats
384 units of 4-room flats
320 units of 5-room flats
According to HDB [Link], the successful tenderer for this 960 unit BTO project was Soilbuild. The building works were awarded to Soilbuild on 26 Sep 2011, 3 years ago, at value of $131 million:
Hence, the average cost of constructing each HDB BTO flat in Tampines GreenLeaf works out to be $136,458.
Soilbuild&rsquo s Annual Report 2013 filed with SGX [Link] also confirmed that Soilbuild was the contractor behind Tampines GreenLeaf flats. In his message to the shareholders, Executive Chairman of Soilbuild, Lim Chap Huat, said:
&ldquo We benefit from the ability to tender for public sector projects in Singapore of unlimited contract value as our subsidiary, Soil-Build (Pte.) Ltd., has an &lsquo A1&prime grading issued by BCA. While engaging in public housing contracts such as our Tampines Greenleaf project forms part of our drive to support national development, this contract award also serve as testimony to our commitment to construction activities of a higher standard. We are pleased to have secured two new public housing contracts during the year under review and will strive to undertake more national construction projects in future.&rdquo
Soilbuild made news in May last year when it welcomed the Govt&rsquo s 6.9 million Population White Paper.
Ho Toon Bah, executive director of Soilbuild, said, &ldquo The 6.9 million population figure is good news to us. It means that there are more houses to build and more jobs for us!&rdquo
Lim Chap Huat then added, &ldquo We intend to further develop our position in the public housing sector as HDB ramps up the construction of public housing in the coming years. We believe that our track record in public sector projects puts us in good stead to compete in future tenders from the HDB and other public agencies.&rdquo
Who is Lim Chap Huat?
(Soilbuild Executive Chairman Lim Chap Huat BBM (Photo: Soilbuild Annual Report 2013)
It turns out that Mr Lim Chap Huat is a PAP grassroots leader in Nee Soon GRC. He is the vice-chairman of the Citizens&rsquo Consultative Committee (CCC) in Chong Pang. On top of that, he is Assistant Treasurer of PAP&rsquo s Chong Pang branch (
PAP Nee Soon GRC - Home) [Link]. Mr Lim is also a recipient of the PBM (Public Service Medal) and BBM (Public Service Star).
His company website says of him (
Our People | Soilbuild
&ldquo A strong believer in community service, Mr Lim is the vice-chairman of the Citizens&rsquo Consultative Committee in Chong Pang. His many contributions were recognised in 2009 when he was conferred the Public Service Star.&rdquo
Original link from TRE:
http://www.tremeritus.com/2014/07/15...ap-grassroots/
Price between 0.245, 0.250. For quite long time even with good news. Seems no interest.
General Announcement::SOILBUILD CONSTRUCTION SECURES S$168.4m Housing & Development Board Contract
Huat huat...argh. Soilbuildbiz REIT n Soilbuildconst.
21-Nov-2013 11:04
Singapore Property Sector - Beneficiaries and Highlights From Draft URA Masterplan 2013
Written By Stock Fanatic on Wednesday, Nov. 20, 2013
The Urban Redevelopment Authority (URA) has released the draft Masterplan 2013. Our key views are as follows:
A step in the right direction, in our view, balancing the economic priorities of housing, commercial and industrial developments with greater emphasis on decentralisation, eco-friendly initiatives and better public accessibility.
Greater priority on integrated and mixed-use developments could benefit larger developers with relevant experience such as....Southern Waterfront development with the relocation of the Pasir Panjang and Tanjong Pagar terminals will benefit trust n construction companies
Land earmarked for 500,000 new homes, with greater emphasis on HDB estates, will provide new opportunities for HDB construction companies such as construction Engineering compsnies and, together with HDB estate mgrs and material suppliers.
Opportunities for underground development (eg. 800m pedestrianised street with underground mall at Marina Bay) to benefit specialised underground construction players.
Marina Bay and Marina South to offer new opportunities for office, retail and entertainment amenities that will complement REITs with existing developments in the area.
Further development in the Jurong Lake District.
Development of Woodlands North Coast and Woodlands Central, together with the rail linkage to M'sia
Steady one - steady pun pipi, pipi pipi...
teeth53 ( Date: 30-Aug-2013 17:01) Posted:
Collecting abit it hold temporary for kopi$. in case this horse abit slow in moving up, keep it for awhile for news to come.
Safe n sound...no need to lose over sleep. SB Reit is oso good , touch 0.70c low, can oso consider...for good dividend play.
Please do ur own due diligence.
sk6666 ( Date: 30-Aug-2013 16:56) Posted:
| Bro Teeth, you become premium investor ah, get below ipo, premium pricing ah!! Huat ah!! |
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Don't know leh... They xchange shares for what reason huh? I just wait for the next dividend payout.
chtan5751 ( Date: 13-Sep-2013 16:40) Posted:
Hi, any good news?...
sk6666 ( Date: 13-Sep-2013 15:14) Posted:
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Hi, any good news?...
sk6666 ( Date: 13-Sep-2013 15:14) Posted:
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Old news / old wall?. Re-paint with new paint can help, better paint help, EG - more expensive paint can help to cover those....Bad and ugly one.
Font n front picture is always looking very nice, very good, n perfectly look new. So...bear that in mind.
The front side is very, very difficult to separate between good, bad n ugly, picture prefect...ALMOST.
Here is what n why many players kena, so call expert, very experience n none experience one. Everyone of us.
teeth53 ( Date: 30-Aug-2013 16:48) Posted:
There is always two side to view a coin, front side is always or almost perfect, the back mah...reserve it for ur imagination.
sk6666 ( Date: 26-Aug-2013 12:46) Posted:
Seen this many, many times ... only today then i can really understand it ....right meaning?
当 局 者 迷 ， 旁 观 者 清
 x 0
 x 0
 Alert Admin | Re-fresh - While information is always distinctively late and trading always coming in fast and ferocious at the fore. Forming very own decision wisely is as difficult as finding a pin in the ocean. When oneself is in d picture, it can always as good as not been able to tell what is good, bad or ugly. it is always human, to error...the less prone mistake decision make, the better.
In others word - stay outside of the picture and can see more or less, the truth self of it.
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