The second project, worth $24.3 million, is at 16 Cairnhill Rise. The developer is TSky Cairnhill (Private) Limited, a 60:40 joint venture between Tiong Seng Civil Engineering (Private) Limited and Ang Tong Seng Brothers Enterprises Pte Ltd. The development is a 15-storey residential flat with a total of 39 apartment units.
“Backed by our positive track record and portfolio of private residential projects, we are pleased to make headway early on in 2020 with back-to-back contract wins,” said Pek Lian Guan, CEO of Tiong Seng Holdings.
Last September, the company announced that Pek, as well as the company’s project director, Pay Teow Heng, had been interviewed by the CPIB.
On Feb 11, Tiong Seng’s share price closed at 18 cents, down 10% year to date. At this level, the company has a market value of $85 million and a historical price earnings ratio of 13.71 times.
