Hiap Seng Engineering to restructure

Hiap Seng Engineering narrowed its losses to S$8.5 million from S$22.3 million for the second quarter ended Sep 30, 2019 on the back of higher revenue and lower operating costs.

Turnover increased 35.2 per cent to S$36.2 million mainly owing to higher recognition of revenue. Hiap Seng is a service provider of mechanical engineering, plant fabrication and installation and plant maintenance to the oil and gas, petrochemical and pharmaceutical industries.

Gross loss for the watch-listed group was reduced to S$5.4 million from S$17.2 million, a change of 68.8 per cent, due to lower operating costs. The gross loss reported this quarter included provision for liquidated damages and claims amounting to S$4 million, which are currently under negotiation with the customer.

Loss per share was 2.8 Singapore cents, compared with 7.34 cents a year ago.

In view of the current situation, Hiap Seng will embark on a restructuring and realignment exercise that includes the disposal of some of its assets. Assets that the company is considering for disposal include freehold land and buildings in Thailand and leasehold properties in Singapore.

Hiap Seng has appointed a financial consultant for a financial position review and viability assessment of the group. However, the board is unable to conclude if the company can operate as a going concern at this stage.

It noted that the group has not recorded in its financial statements unrealised surplus of about S$67 million on revaluation of its properties, based on valuations carried out as at March 31, 2019.

“The outlook for process sector of the oil and gas industry is showing signs of improvement, which is likely to translate to higher capital expenditure by major customers in the near to medium term. However, the group continues to face a challenging operating environment with intense competition. The group has lost some new projects due to the fierce competition and its current financial position,” said Hiap Seng.

The outstanding order book stood at S$90 million, with about 80 per cent to be recognised as revenue in FY2020, while the remaining amount is expected to be recognised by June 30, 2020.

Hiap Seng intends to focus on its plant construction and maintenance segment, for which it has a strong track record, and scale down the engineering, procurement and construction projects.

New Launch – The Avenir at River Valley in District 9

The Avenir is a redevelopment of the former Pacific Mansion located at 8 River Valley Close. The former Pacific Mansion was one of the largest en bloc deals sold at S$980m. The new development will comprise of 336 units housed in 2 towers of 36-storey each and it is jointly developed by Hong Leong Investment Holdings and Guocoland. The two developers have strong and reputable track records in property development in Singapore.

The Avenir, situated in the River Valley residential enclave gives you serenity while still being minutes away to the bustling city centre. The Avenir will be within 5 minutes walk to the future Great World City MRT and it is close to Mount Elizabeth Hospital, Fort Canning Park, and Clarke Quay. Schools are mostly a short drive away, such as ISS International School, Overseas Family School, and Outram Secondary School.

Guocoland and the Hong Leong Investment Holdings group have won a bid to buy the Pacific Mansion condominium development in River Valley for S$980 million, setting a new high among recent en bloc deal amounts. Mainboard-listed GuocoLand holds a 40 per cent stake in the bid. Hong Leong Investment Holdings’ Hong Leong Holdings Ltd and Hong Realty hold the remaining 40 per cent and 20 per cent stakes respectively. Hong Leong Investment Holdings is also a substantial shareholder of Guocoland.

New Launch – One Normanton Park

The former Normanton Park has a history going back to 1977, when it was developed by the Ministry of Defence to build esprit de crops among the Singapore Armed Forces officers.

The condominium is bordered by the Ayer Rajah Expressway (AYE) and Kent Ridge Park to provide affordable housing for Singapore Armed Forces (SAF) commissioned officers and to build camaraderie among them.

It was designed and built by the HDB in 1977, with 488 units of mainly five-room flats spread across five high-rise blocks. Eight three-storey blocks containing executive flats were also built on the plot of more than 632,000 sq ft.

Normanton Park was sold en-bloc for $830.1 million to Kingsford Huray Development in October 2017. The site will be redeveloped to a brand new condominium named One Normanton Park. With more than 1,000 units planned, one can expect a wide range of facilities for residents to indulge in.

Set in a quiet enclave that’s accessible but also exclusive, the Normanton Park area offers a unique experience unlike any other. Near the city and many places steeped in culture & heritage, it also has access to Singapore’s nature, e.g. Hortpark, Mount Faber, Sentosa & Labrador park amongst others.

One Normanton Park sits just off the AYE, which provides good accessibility to CBD, One North, Fusionpolis, Biopolis, Mapletree Business City, Mediapolis, Harbourfront Centre, National University Hospital, National University of Singapore and Jurong Lake District.

Nestled beside this urban dwelling is Kent Ridge Park for the nature lover in you. It is a 47-hectare public park located in Kent Ridge, Singapore, between the National University of Singapore and the Singapore Science Park. Due to its undisturbed habitat and abundant plant life, it is a popular venue for bird-watchers and eco-tourists. Kent Ridge Park is part of the Southern Ridges, which also comprises Mount Faber Park, Telok Blangah Hill Park, HortPark and Labrador Nature Reserve.

New Launch – Infini At East Coast

Those who love the deep history and heritage of the East will find this small development off 363 East Coast Road a gem. Welcome to Infini At East Coast, a redevelopment of the former Katong Omega Apartments.

Holding 36 exclusive freehold units, this new launch condo in East Coast is well situated in the sought after enclave in the East Coast. Getting to the upcoming Paya Lebar Central is a breezy 6 minutes drive and 13 minutes to the CBD. It is also 8 minutes walk to the future Marine Terrace MRT Station on the Thomson-East Coast Line.

Well established schools for your children within the 1km radius are CHIJ Katong Primary, Ngee Ann Primary, Tao Nan Primary and St Patrick’s School.

The East Coast area spans from Kallang for 18km to Changi Airport, and has long been popular with expats. It’s usually breezy, and the East Coast Park with its cycling, running and entertainment options is a great attraction. There’s a mix of houses and condos for various budgets, and many people say that once you’ve lived in this area, it’s hard to move away. The ECP, KPE and PIE expressways provide easy access to the city, the north and the airport. UWC South East Asia, the Canadian School and Chatsworth have campuses here too, and there are also good preschools.

Food Factories of The Future

With the increasing popularity of food deliveries and pre-packaged food, the demand for food factories is expected to remain robust. Restaurants face declining patronage as millennials prefer the convenience of ordering food from their phones.

Demand for food factories near the city centre continue to be strong, especially in mature areas like MacPherson, Pandan Loop and Bedok North maintaining 80% to 100% occupancy rates. Why food factories? They are dedicated facilities which can store, process, cook and package food for delivery to food & beverage establishments or direct to consumers. Buying a food factory near the Central Business District is preferred as transport infrastructure tends to be more accessible and there will be time and transport savings as freshness of the food can be better maintained.

CT FoodChain is a B2 food factory specialised to serve the modern F&B industry. It is well connected to the West Coast Highway and the Ayer Rajah Expressway, which gives good accessibility to the future Tuas Mega Port and the Central Business District.

The rising popularity of food delivery firms like Deliveroo, GrabFood and Food Panda is driving the steady growth of facilities designed to store, process, cook and package food in Singapore with another 3.68 million sq ft of food factory space in the pipeline, according to property consulting firm Colliers.

Of this number, over 80% is scheduled for completion in 2019-2020 especially in the North, East and West regions. Prominent projects include JTC Bedok Food City, which has a total Gross Floor Area of more than one million sq ft and is slated for completion in early 2020. An integrated Halal Food Hub in the West region that spans 600,000 sqft that was proposed by Elite Partners Capital and the Singapore Malay Chamber of Commerce and Industry in May 2019 as part of efforts to enhance Singapore’s halal industry, is also expected to be ready in two years. The project costs around $80m-100m.

Renovations – Singapore Lighting Shop

From choosing a trusted contractor or interior designer to selecting the laminates, paint colours, floor tiles, wall tiles and so on, everything can be easily coordinated when you have a contractor who can gives you good advice.

While you at it, don’t forget that lightings are an important aspect of a space, be it an office, to a restaurant and your home. There are many well regarded lighting designers who have created modern and timeless designs that are almost art pieces.

Firstly identify your lighting requirements, which space requires task lighting, ambient lighting, a decorative light fixture or a centrepiece? Will a pendant light, ceiling light, wall light or a chandelier be the best for the space?

The lighting in your home affects how you feel and behave. It’s not just about the practical functionality, so the more control you have over your lights, the better. With a few different light sources, you can easily change the mood to suit whatever you’re doing in any living space. From creating a romantic atmosphere to cooking up a storm, and everything in between.

Various Types of Lightings
Hanging Lights and Pendant Lamps  Crystal chandeliers may not in vogue now as they are replaced by pendant lightings that come in different shapes and designs to fit your decor.

Track Lights – Track lights are easy to set up and easily adjustable to suit your lighting needs. You can choose to adjust the angle of light projection and remove a track light to dim the space.

Wall Lights – Wall lamps are now trending in the modern home thanks to smaller and classy pieces that fit the compact-sized urban homes.

Explore the latest and a wide range of designs at an online lighting shop in Singapore.

Bedside Lamps – A bedside lamp hanging from each side of the bed saves space and doubles up as a reading and ambient lighting.

Wilshire Residences – New Launch in District 10

At the heart of the bustling city in Prime District 10 is Wilshire Residences comprising 85 exclusive apartment units.

Located along 30 Farrer Road, the Farrer Road MRT Station is just a 600m stroll away and it is where you can get local fare and groceries from the Empress Road Hawker Centre. Board the Circle Line MRT and it takes you to the Botanic Gardens, Holland Village, One-North and Harbourfront just to name a few.

Drivers will be pleased to know that the development is also well served by major roads and expressways like Holland Road, Farrer Road, Pan Island Expressway and Ayer Rajah Expressway.

Choose from luxurious 1 bedroom to 4 bedroom and penthouse units and indulge in the authentic urban and modern lifestyle.