Chip Eng Seng unit bags $123.5m HDB contract

CHIP Eng Seng Corporation's wholly owned subsidiary Chip Eng Seng Contractors (1988) has been awarded a $123.5 million contract by the Housing and Development Board (HDB).

Mr Lim: 'With increasing demand for construction, we are confident of our prospects for the rest of 2008'

The contract is for the construction of five 25-storey residential blocks in Sengkang. The contract includes the construction of a multi-storey carpark with future community facility on the first storey, and a precinct pavilion. Work is expected to begin this month, with completion slated for 2011.

The contract is not expected to have any material impact on the group's net tangible assets and earnings per share for the current financial year ending Dec 31.

This is the company's second HDB construction contract this year. In January it announced a contract to build 1,394 housing units in Queenstown. The company has also undertaken two other HDB housing projects, one in Sembawang and the other being Pinnacle @ Duxton.

The group's construction order book now stands at about $755 million. Said executive chairman Lim Tiam Seng: 'With increasing demand for construction, we are confident of our prospects for the rest of 2008.'

Mr Lim further believes that the group's construction division will continue to have a busy year ahead with tenders and construction work.

集永成又获组屋承建工程

集永成建筑工程（Chip Eng Seng Contractors）获得建屋发展局一项价值1亿2350万元的合同，负责在盛港修建五栋组屋，每栋各25层，拥有698个单位。

这项合同还包括建造一座多层停车场和一座凉亭，停车场一楼未来将成为民众设施。这项工程将于今年6月开始动工，并将在2011年前完成。

这是集永成集团今年获得的第二项建屋局的建筑合同。这项合同预计不会对集团今年的净有形资产值和每股盈利产生实质影响。

集永成目前的订单合同达到7亿5500万元。集团执行主席林镇成表示，由于建筑需求的增长，集团对今年的前景抱有信心。他也预计集团未来一年的建筑业务将非常繁忙。

Source

United Engineers makes top bid for AMK DBSS site

UNITED Engineers (UE) has emerged as the top bidder for HDB's latest Design, Build and Sell Scheme (DBSS) site in Ang Mo Kio, the government agency said yesterday.

UE's bid - which was the highest of five - came in at $134.2 million, or some $212 per square foot per plot ratio (psf ppr).

The amount was higher than analysts' estimates, who said that the public housing site could fetch between $170 and $200 psf ppr when it was launched.

UE's bid was 12.8 per cent higher than the second-highest bid of $118.9 million, or $188 psf ppr, which was put in by Chip Eng Seng.

UE's bid was also 20.9 per cent higher than the lowest bid of $111 million, or $175 psf ppr, put in by Boon Keng Development.

The two other bidders were the Sim Lian Group and a partnership between Straits Construction subsidiary Hoi Hup Realty and Sunway Concrete Products, which is part of the consortium that won the DBSS site in Boon Keng Road earlier this year.

The Ang Mo Kio land parcel has a site area of 180,716 sq ft, with an allowable gross floor area of 632,506 sq ft. It is close to the Ang Mo Kio town centre with its MRT station, bus interchange and the AMK Hub.

The development will target HDB upgraders or en bloc sale downgraders, said analysts, who predict that the take-up for any project coming up on the site should be good because the stock of vacant HDB flats has fallen of late.

UE will be required to build a minimum of 30 per cent of the flats with a floor area of 95 sq m (1,023 sq ft) or less - equivalent to flats of four rooms or smaller.

CBRE Research estimated that the site can yield more than 500 units.

UE's shares closed 10 cents down at $3.70 yesterday. The company's stock has climbed 49.8 per cent since the start of the year.

HCMC stock market takes cue from global trends

HCMC stock market takes cue from global trends

Ho Chi Minh City stocks sank Tuesday, apparently tracking a plunging US market where the Dow Jones index fell 1.7 percent Monday.

The VN-Index shed 15.23 points to finish at 983.52.

Around seven million shares were traded for VND750 billion (US$46.73 million).

Volumes have decreased gradually, indicating a less than full participation by the market players.

The losers numbered 89, gainers 19, while 18 stocks remained unchanged.

Large caps like PetroVietnam Fertilizer and Chemicals, Pha Lai Thermal Power, PetroVietnam Drilling and Well Services, Song Da Urban and Industrial Zone Investment and Development, and FPT Corporation lost ground.

Construction and real estate firm Hoa Binh fell by VND2,000 to close at VND116,000.

The company confirmed it sold one million shares to strategic partners, including PetroVietnam Finance Corporation, the Singapore-based Chip Eng Seng Corp., and The Bank of Investment and Development of Vietnam.

Hoa Binh also reported it had received permission to invest in two ecotourism spots in the central province of Phu Yen.

HCMC Infrastructure Investment, another property stock, was unchanged.

The firm has been confirmed as a contractor for the Binh Trieu Bridge renovation project.
The heavily congested bridge is being reinforced to ensure safety.

PetroVietnam Fertilizer and Chemicals remained the most traded stock as nearly 1.2 million shares worth VND97 million changed hands.

Vietnam's leading fertilizer-maker, however, lost for the fourth day in a row to close at VND80,500.

Foreign investors remained net buyers, pumping VND45.6 billion ($2.84 million) into shares of Pha Lai Thermal Power, FPT Corporation, Saigon Cables and Telecommunications Material, Vinamilk, and Vietnam Electricity Construction, among others.

The mutual fund Prudential remained unchanged at VND10,500 while the other, VF1, edged down to close at VND28,900.

Hanoi's HASTC-Index lost 4.86 points to close at 340.12.

Among 96 listed stocks, there were 71 losers and only 18 gainers as more than 2.4 million shares worth VND265 billion ($16.5 million) changed hands.
Reported by Hoang Uy

集永成(Chip Eng Seng)

Very strong support at 0.575, tested 3 times in 17 Aug 07, 12 Nov 07 & 13 Nov 07.

A very strong rebounce when price tested 0.575.

Up Trend is more likely and expected to return rally

Chip Eng Seng (集永成)

Now, CES is 0.595

May see CES breaking0.575, next support at 0.56