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Singapore’s Big Winner for the Week: Chip Eng Seng Corporation Ltd

Shares of Chip Eng Seng Corporation Ltd (SGX: C29) have gained 7.5% since last Friday to close at S$0.785 on Thursday for the Hari Raya holiday-shortened week.

Given that the Straits Times Index (SGX: ^STI), Singapore’s market barometer, had moved up by “only” 2.2% over the same period, Chip Eng Seng is quite clearly a big winner.

Chip Eng Seng is a construction and property group, which takes up both public and private construction projects. Most of its public projects are for the Housing and Development Board (HDB) and the company prides itself in having built the Pinnacle @ Duxton. The venture is the biggest and tallest public housing project in Singapore.

On 16 July 2015, Chip Eng Seng said that its joint venture company, Fernvale Development Pte Ltd, has granted an “option to purchase” to the following people to buy two units in its residential project, High Park Residences:

  • Mdm Dawn Lim Sock Kiang, Executive Director of Chip Eng Seng
  • Mdm Lim Sock Joo, sister of Mdm Dawn Lim Sock Kiang
  • Mr Lim Kang Wei, who is the son of Mr Lim Tiang Chuan, Executive Deputy Chairman of Chip Eng Seng.

The buyers were given a 3% discount off the list price of the units, which is part of their entitlement. The units were sold for a collective S$1.05 million.High Park Residences is a 99-year leasehold condominium located at Fernvale Road and is near the newly-opened Seletar Mall.

Fernvale Development’s other owners include Heeton Holdings Limited (SGX: 5DP) and KSH Holdings Limited (SGX: ER0).

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.