Firm order book for Star’s Cityneon

SINGAPORE: Cityneon Holdings Ltd, 63% owned by Star Publications (M) Bhd, has reported a firm order book for 2009 and beyond despite the economic downturn in Singapore and the region.

In a statement yesterday, Cityneon said its order book for 2009 to 2012 stood at S$52mil (RM124.62mil) to date. The contracts included a S$35mil (RM83.85mil) deal to build three attractions at Universal Studios being built by the Genting group on Sentosa Island, as well as exhibition booths and other on-site installations to support a three-year international roadshow by the Oman Tourism Authority.

Group managing director Ko Chee Wah said the group was heartened that it managed to secure the amount at the start of a new year in such difficult market conditions.

“We hope to sign more deals in the coming weeks and months,” he said.

Cityneon is in the second year of a five-year S$6.2mil (RM14.85mil) contract to supply ground and furniture fit-out for Singapore’s F1 race in September. Last year, it provided the furniture for the F1 hospitality suites, media centre and public areas.

It will also be constructing booths for exhibitors at the CommunicAsia & Broadcast Asia show in September, and the grandstand at this year’s Chingay Parade.

“We are glad that we took steps in recent years to diversify into new markets and new services.
“This has helped us sustain momentum in a year when economies around the world are seeing a massive contraction in demand from consumers and businesses,” Ko said.

In line with its bigger order book, Cityneon will be hiring more staff this year after having recruited 27 designers, event managers, marketing and account servicing executives last year.

Cityneon, which is due to report its full-year results in February, plans to expand its current staff strength of 140 in Singapore.

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