Chip Eng Seng Corporation Ltd (Singapore)

The Group is currently engaged in building construction activities in public and private sectors and other construction-related activities, including civil engineering. Incidental to its main business, the Group also owns a few investment and development properties which include residential, industrial and commercial buildings. The group's property development division, CEL Development Pte Ltd (CEL) had partnered with one of the largest international investment group Lehman Brothers to jointly develop two freehold properties namely CityVista Residences along Peck Hay Road and The Parc Condominium at West Coast Road/Walk, both on a 50/50 basis. Apart from the above acquisitions, CEL moved on to partner with one of the largest hedge fund group based in USA - the Citadel Investment Group to jointly acquire a freehold condominium the Grange Tower along Grange Road for redevelopment on a 25/75 basis. With these en-bloc purchases, CES group's share of the land bank increased to approximately $210 million and the group plans to launch the sales of these three properties in middle 2007. Whilst, the construction of The Pinnacle@Duxton, the tallest public residential building (50 stories) that HDB ever built is progressing ahead of our schedule.