Construction giant to deliver 19-storey hotel within three years
Singapore-based construction firm Lum Chang Building Contractors, a subsidiary of Lum Chang Holdings, has been awarded a S$110 million contract to construct a 19-storey hotel along Orchard Road.
Awarded by UOL Property Investments, the project will commence in April next year and is slated for completion within 36 months. The upcoming hotel will feature 246 guest rooms and additional facilities, according to a bourse filing on Thursday (Dec 22).
The company stated that while the contract will not significantly impact the financial results for the fiscal year ending June 30, 2023, earnings from the project will be recognised incrementally as construction progresses.
This new contract increases Lum Chang’s outstanding construction order book to approximately S$1.6 billion.
Prior to the announcement, Lum Chang’s shares remained steady, closing at S$0.38 on Thursday.
