If the economists at Maybank are correct, the actual value this year will reach nearly $60 billion, with both public and private sector contracts accounting for half each. In their Sept 24 report, the Maybank economists point out that contracts awarded in the first six months of the year have already reached $27.7 billion, up 41% y-o-y.
Demand will be supported by the construction of the Changi Airport’s Terminal 5, further expansion of the Tuas megaport, the expansion of the two integrated resorts, various public housing developments, MRT projects, such as the Cross Island Line (Phase 3) and the Downtown Line Extension to Sungei Kadut, Woodlands North Coast industrial estate, commercial building redevelopments, and other urban rejuvenation developments.
Many of these projects are to be undertaken over several years, underpinning medium-term demand. According to BCA, total construction demand is projected to average between $39 billion and $46 billion from 2026 to 2029, suggesting steady prospects for healthy order books and margins for construction firms.
The robust prospects of this sector today are a marked contrast with the pandemic years, when work stoppages due to distancing measures and higher raw material costs resulting from supply chain disruptions led some unlisted contractors to go under. Many of the listed contractors have survived that downturn and their share prices year to date reflect the brighter prospects ahead.
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Hock Lian Seng Holdings
Founded in 1969 and listed on the Singapore Exchange (SGX) in December 2009, Hock Lian Seng has undertaken and completed a wide range of civil engineering and infrastructure projects for both the public and private sectors in Singapore for over 50 years.
These include bridges, expressways, tunnels, Mass Rapid Transit (MRT), port facilities, water and sewage facilities and other infrastructure works. Major customers include various government and government-related bodies of Singapore.
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The company is also involved in property development and investment, including industrial and residential developments such as Ark@Gambas, Ark@kb, The Skywoods and The Antares.
As indicated in its latest annual report, Hock Lian Seng’s largest shareholder is executive chairman Chua Leong Hai, who owns a 38.1% stake in the company. Another substantial shareholder is Chua Siok Peng, the daughter of Chua Leong Hai. She is the company’s executive director and CEO, holding a 5.1% stake.
In its most recent 1HFY2025 results ended June 30, Hock Lian Seng recorded a revenue of $103.3 million, a 3.5% y-o-y increase from $99.8 million in the corresponding period last year. The revenue gain was driven by the civil engineering segment, due to higher construction activity on the Serangoon North and Aviation Park station projects.
Despite higher revenue, profit after tax declined by 57% y-o-y to just $8.7 million. This is due to a substantial decline in gross profit and lower other income.
As at June 30, Hock Lian Seng’s order book for the civil engineering segment stands at approximately $335 million, which includes mainly the Aviation Park station project and the Serangoon North Station project.
The company is maintaining a conservative stance, stating that the outlook for the construction industry remains challenging amid a competitive environment, labour shortages, and rising material and labour costs. Hock Lian Seng will continue to tender for infrastructure projects competitively and explore other business opportunities to enhance the shareholders’ value.
In the latest development, the company announced on Aug 28 that it had won the tender for the industrial site at Pioneer Road, situated by JTC Corporation, for $88.2 million. The company intends to develop the site into an industrial development comprising strata-titled units.
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OKP Holdings
Established in 1966 and listed on SGX in July 2002, OKP Holdings is a homegrown infrastructure and civil engineering company specialising in the construction of airport runways and taxiways, expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure, and oil and gas-related infrastructure for petrochemical plants and oil storage terminals.
OKP today operates three core business segments: construction, maintenance and rental income from investment properties. The company undertakes both public and private civil engineering, as well as infrastructure construction projects.
In its latest annual report, OKP’s largest shareholder is company founder and chairman Or Kim Peow, who owns a 55.1% stake. The other substantial shareholder is CS International (S), with a 14.0% stake.
In its latest half-year results, revenue was up by 41.2% y-o-y to $103.4 million, while net profit rose significantly by 60.7% y-o-y to $19.1 million. The improvement was primarily due to higher revenue recognised from various ongoing and newly awarded construction projects, as well as improved margins.
As of June 30, the company’s order book stood at $648.3 million, with projects extending till 2031. Or Toh Wat, OKP’s managing director, says the company is actively pursuing civil engineering and infrastructure projects, especially public-sector projects, in Singapore to strengthen its order book.
“While macroeconomic and geopolitical uncertainties continue to pose challenges, we are focused on navigating them through a proactive approach to capital management and financial prudence,” adds Or.
On Nov 12, OKP announced that its wholly owned subsidiary, Eng Lam Contractors Co, had won a $22.6 million contract from JTC for infrastructure works at Cleantech Loop. Under this contract, Eng Lam will deliver key civil and infrastructure works, including roads, sewers, drainage and connectivity enhancements within CleanTech Park. The 22-month contract commenced in October 2025 and is expected to be completed in August 2027.
“This contract is a strong affirmation of the company’s trusted track record in Singapore’s infrastructure landscape. Beyond adding to our order book, projects like CleanTech Loop allow us to apply our expertise in building roads, drainage and utility systems that form the backbone of new industrial districts,” says Or.
On Nov 27, the company announced that it is proposing a three-for-four bonus issue to recognise shareholders’ loyalty and continued support. The bonus issue will enable greater investor participation, encourage trading liquidity and broaden its shareholder base.
KSH Holdings
Incorporated in 1979 and listed on SGX in February 2007, KSH Holdings’ businesses span across construction, property development and property investment. The company’s largest shareholder is executive chairman and managing director Choo Chee Onn, who owns a 20.1% stake in the company, which he co-founded. The other substantial shareholders are Tok Cheng Hoe, Kwok Ngat Khow and Lim Kee Seng, who own 15.0%, 14.1% and 12.6%, respectively.
Both Lim and Tok are the company’s executive directors and hold the positions of project director and chief operating officer, respectively. Meanwhile, Kwok was previously the project director and executive director for the company and has since retired on May 31 2024.
In its latest 1HFY2026 results ended Sept 30, KSH Holdings’ revenue increased by 19.7% y-o-y to $63.1 million. The higher topline was driven by higher revenue contribution from the construction segment.
At the same time, the company returned to the black, reporting a net profit after tax of $5.3 million, compared with a loss of $6.5 million in 1HFY2025. The improvement was largely due to lower losses from the share of results of associates and joint ventures and lower finance costs.
Choo explains that the company’s return to profitability reflects disciplined execution and focus on quality growth.
“Despite the macroeconomic volatility, our performance is supported by a strong order book of more than $500 million as at Nov 13. We remain confident in the continued growth of the construction industry and are focused on disciplined tendering and quality project execution,” Choo adds.
On Aug 21, KSH Holdings raised net cash proceeds of $8.7 million by placing out treasury shares at 30.5 cents each. The sale attracted prominent investors such as ICH Capital, GinkoAGT Global Growth Fund and Lion Global Investors, as well as other corporate and individual investors.
On Nov 13, the company announced that its wholly owned subsidiary, Kim Seng Heng Engineering Construction, has accepted a Letter of Acceptance (LOA) for a new construction project. This brings the company’s construction order book in Singapore to more than $500 million. The company says it is currently working on several tenders to strengthen its order book.
Koh Brothers Group
Koh Brothers Group is in construction and building materials, real estate and leisure and hospitality. It was founded as a sole proprietorship in 1966 by the late Koh Tiat Meng and listed on the SGX Mainboard in August 1994.
The company’s largest shareholder is Koh Keng Siang, who holds a 24% stake and serves as the executive chairman and CEO. Other substantial shareholders include Koh Keng Hiong, Koh Teak Huat, and Quek Chee Nee, who hold 13.4%, 8.7% and 6.3% stakes in the company, respectively.
Koh Brothers encountered a rare minority action earlier this year. At the recent Koh Brothers’ AGM, Morph Investment, together with Ong Sze Wang and Chin Phak Lim, who collectively hold more than a 5% stake in the company, tabled resolutions to unlock the value now held within the company.
Via Koh Brothers Eco Engineering, a separately listed subsidiary, Koh Brothers controls shares of Oiltek International, one of the best-performing stocks in the last couple of years. These shareholders want the Oiltek International shares distributed, but the resolutions were not passed.
In the most recent half-year results, Koh Brothers’ revenue grew 34.8% y-o-y to $152.2 million, mainly due to higher contributions from the construction and building materials division. Overall, the company was in the black, reporting net profit attributable to shareholders of $2.6 million.
Looking ahead, the company says that its focus remains on ensuring the smooth delivery of ongoing projects.
“Leveraging our strong track record and enhanced capabilities, we will continue to tap into the strong industry demand and tender for more construction projects. We will also draw on our synergistic business portfolio to support operational efficiency and growth,” says Koh.
Soilbuild Construction
Founded in 1979 and listed on SGX since May 2013, Soilbuild Construction offers a full spectrum of real estate services, including design and build, construction, turnkey construction, project management consultancy, procurement and mechanical & electrical installation.
As indicated in its latest annual report, Soilbuild’s single largest shareholder is the co-founder and executive chairman, who holds 78.3%. The second-largest shareholder is his son, Lim Han Ren, who has a 4.1% stake in the company and currently serves as executive director and CEO.
In the latest half-year results, Soilbuild Construction’s revenue jumped 77.3% y-o-y to $272.8 million. The significant increase in revenue was due to higher contributions from both the core construction business and precast & prefabrication.
As a result of higher revenue and better gross profit margins, Soilbuild’s net profit surged 282.9% y-o-y to $28.3 million. As of June 30, the company’s order book stood at approximately $1.19 billion, boosted partly by a $647.5 million contract to help build the Tuas port.
Commenting on the latest half-year results, Lim is pleased that the company’s focus on timely project delivery and cost optimisation has translated to robust revenue and profit growth.
“We will continue to strengthen our order book, enhance margins, and optimise cash flow. Taken together, we aim to build on this positive momentum and drive consistent, quality growth in the years ahead,” says Lim.
Soilbuild is likely to be in the news for its series of corporate actions. On Oct 21, the company announced that it is exploring the spin-off listing of its precast and prefabrication business. In 1HFY2025, Soilbuild grew its revenue from the precast and prefabrication unit by 77.3% y-o-y to $59.4 million.
More recently, on Nov 21, the company announced a proposed one-for-four share split to enhance trading liquidity further and encourage greater investor participation. The proposed split will help broaden its shareholder base. Just on Dec 12, 2024, Soilbuild consolidated its shares at a 10-to-1 ratio.
GRC
GRC, formerly known as OKH Global, is a construction and property investment company focusing on logistics and industrial properties. Established in 1998, the company started as a local contractor specialising in renovation works and minor alteration and addition projects before acquiring the entire construction business of Chip Eng Seng in April for $118.5 million by paying new shares at 5.252 cents each.
GRC and Chip Eng Seng share the same controlling shareholders: the husband-and-wife team of Gordon and Celine Tang. They privatised what was then called Chip Eng Seng Corp in February 2023 and now own 65.4% of GRC. The Tangs also hold substantial stakes in Suntec REIT, OUE REIT and Acrophyte Hospitality Trust.
In its most recent FY2025 results, GRC saw its revenue rise by more than 1,000% y-o-y to $138.0 million as a result of the acquisition of Chip Eng Seng’s construction business. In line with higher revenue, gross profit increased by 117.8% y-o-y to $18.9 million.
With lower net fair value gains on investment properties and non-current assets held for sale and higher administrative expenses, net profit after tax increased by 101% y-o-y to $7.3 million.
As at June 30, GRC’s order book for its construction business segments stood at $2.3 billion, excluding contracts awarded after June 30 to Sept 5, amounting to $273.2 million. The company will continue to replenish its construction order book by capitalising on Chip Eng Seng’s track record.
Following the full-year results announcement on Sept 26, GRC announced major contract wins, including a $328.4 million building works contract from HDB and a $273.0 million contract from LTA, which involves the design and construction of road and commuter infrastructure works at several areas in Singapore.
The company also announced on Sept 30 that it is adopting a dividend policy where it aims to declare dividends on an annual basis with a target dividend payout ratio of approximately 30% of the company’s consolidated net profit after tax attributable to shareholders, after taking into account the group’s profitability, cash flow, future capital requirements and any other factors.
The company further explains that the ratio is a guideline and the actual dividend payout ratio may be higher or lower based on the board’s assessment.
In a now-familiar playbook for contractors, GRC plans to diversify into property development. Shareholders approved this diversification at an extraordinary general meeting that was held on Nov 28. In addition, the company is changing its name to Global Resource Construction.
