SINGAPORE (March 10): The construction scene is starting to look up as the total value of construction contracts to be awarded this year is estimated to hit $35 billion, according to the Building and Construction Authority. That is $4 billion more than the total construction output during the last construction boom in 2009.

Against this backdrop, we are adding structural steel fabricator Yongnam Holdings to the Singapore Market Portfolio. The company owns one of the biggest steel fabrication facilities in Southeast Asia and has 200,000 tonnes of steel as well as equipment on standby in its inventory.

In our previous issue (Issue 769, March 6, “Public infrastructure spending boost stirs interest in local construction plays”), we highlighted that the company is competing for nearly $1.5 billion worth of jobs in Asia and the Middle East. Of these, $975.4 million worth is for projects up for tender in Singapore. These contracts include works for new MRT lines and building projects such as the Golden Shoe Car Park development. Industry players say the bidding process for the North-South Corridor may start as early as next month.

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