Yongnam clinches two steelwork projects worth S$23.7m

The projects include an order for the Singapore Sports Hub and a contract for Asia Square Tower 2 in Marina View South.

Yongnam, Construction Pte Ltd, will support the main contractor, Dragages Singapore Pte Ltd in the construction of the steelworks for the Moving Tiers Structure of the new 7- Storey stadium for the Singapore Sports Hub Consortium. Yongnam’s scope of works comprises the supply, fabrication, surface treatment, delivery and erection of structural steelworks for the Moving Tiers structure which is located within the seating area of the new stadium. The Moving Tiers will be retractable, allowing reconfiguration of the positions of the seats to accommodate various games and events and providing optimum enjoyment for spectators at the new stadium.

Work on the moving tiers structure is expected to commence in the first half of 2012 and complete in the first half of 2013. This contract is not expected to have an impact on the Group’s financial performance for the year ending December 31, 2011.

The contract for Asia Square Tower 2 in Marina View South involves the supply, fabrication, surface treatment, delivery and erection of structural steelworks. The 46- storey tower is a mixed-use development that will comprise office space from the 6th storey up to the 31st storey, hotel accommodation from the 33rd storey till the 46th storey as well as shops, restaurants, hotel banquet halls and ballrooms, and carparks at the lower levels.

Yongnam expects to commence installation in November 2011 and to complete the contract in the first quarter of 2013. This contract is expected to have a favourable impact on the Group’s financial performance for the year ending December 31, 2011.