A Soilbuild Construction Group subsidiary has secured a construction contract for demolition and piling works for industrial development at Tuas South Avenue, Singapore.
The contract has been awarded to Soil-Build by SB (2TS) Investment, which is the project’s owner.
The Tuas South Project is scheduled to commence in the first quarter (Q1) of 2024, with completion anticipated by Q3 2024.
The project is said to be a routine venture for the group and falls under a mandated interested person transaction.
This transaction is governed by the Interest Person Transaction Mandate, which was renewed by Soilbuild’s shareholders at their annual general meeting on 26 April 2023.
For IPT Mandate purposes, SB (2TS) Investment is said to be considered a mandated interested person, as it is a wholly owned subsidiary of Soilbuild.
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By GlobalDataThe company further noted that Soilbuild executive chair Lim Chap Huat is the sole shareholder and Lim Han Ren alongside Lim Cheng Hwa, who are directors of Soilbuild Group Holdings, are involved in the Tuas South Project.
In addition, Precast Concrete, another wholly owned subsidiary of Soilbuild Construction, has received contracts for the supply and delivery of precast components in Singapore.
The precast and prefabrication agreements are anticipated to start in Q1 2024, with completion expected by Q2 2026.
In total, the contracts won by Soilbuild Construction Group are worth approximately $24.3m.
Soilbuild Construction Group is the construction arm of Soilbuild Group Holdings.
