Looking forward to the results and dividend announcements today and resuming their share buyback after today's result.
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11 years ago, Tiong Seng together with its partner, jointly won one of the largest construction contract for RWS.
Last week the government announced plans for an expansion of the two integrated resorts. For RWS, there will be two new attractions at Universal Studios Singapore - Minion Park and Super Nintendo World. Also in the pipeline is an attraction called Singapore Oceanarium - a rebranding of the S.E.A. aquarium after it is expanded by more than three times. RWS will also add a new waterfront lifestyle complex and two new destination hotels with up to 1,100 rooms. The entire waterfront promenade will be completely renewed to feature a nightly show and a multi-purpose event zone, said RWS, adding that there will be a new Adventure Dining Playhouse to replace Resorts World Theatre.
Tiong Seng should be able to secure contracts for this expansion given its experience and track record in the initial RWS development and the competitive advantage it has:
An impending global recession requires measures to soften the blow on the Singaporean economy. Increasing spends on public infrastructure projects is one such way. This increased spending will lead to more job creation and also help boost the construction sector which is currently struggling, as noted in a FITCH Solutions report.
Another reason to build and maintain public infrastructure is to cater to the needs of an ageing population.