31 August 2011

Chip Eng Seng Update - $113 MILLION CONTRACT by HDB

AWARD OF $113 MILLION CONTRACT BY HOUSING & DEVELOPMENT BOARD FOR BUILDING WORKS AT HOUGANG NEIGHBOURHOOD 4 CONTRACT 17

The Board of Directors of Chip Eng Seng Corporation Ltd (the “Company”) is pleased to announce that the Company’s wholly owned subsidiary, Chip Eng Seng Contractors (1988) Pte Ltd (“CESC”), has been awarded a $113 million contract (the “Contract”) by the Housing & Development Board (“HDB”) for building works at Hougang Neighbourhood 4 Contract 17.

The Contract comprises of the construction of 5 blocks of residential buildings with 792 dwelling units, a multi-storey carpark and other community facilities. The construction period is approximately 27 months.
The Contract is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2011.

None of the Directors and, to the best knowledge of the Directors, none of the substantial shareholders or controlling shareholders of the Company, has any direct or indirect interest in the transaction.

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