CTR HOLDINGS (01416) wins bid for land in Kaki Bukit, Singapore

According to the Zhitong Finance App, CTR HOLDINGS (01416) announced that on August 19, 2026, Qiande (a wholly-owned subsidiary of the Company) received a letter from Jurong Group confirming that the bid for the land (lot 07952LMK28, located in Kaki Bukit, Singapore) at a land price of $52.788 million (excluding current goods and services tax) was accepted.

The Group plans to develop a multi-storey building on the site, which includes two floors of dormitories to provide accommodation for workers (about 407 beds), and six floors including office space and storage space for building materials and equipment. The Group plans to relocate its headquarters to a new building on this site.

As far as the construction business is concerned, the Board believes that providing accommodation for employees is a key part of operational infrastructure and work team management. Since the workers' dormitory market in Singapore is expected to face rising rents in the future, land leasing can enable the company to reduce operating costs, secure housing for the work team, and reduce the labor shortage caused by the shortage of housing in Singapore's tight dormitory market.

The company aims to improve operational efficiency, reduce logistics costs, and centralize management and supervision by integrating workers' dormitories, storage facilities and office headquarters into a single location. A comprehensive multi-faceted approach will ultimately enhance the Group's ability to execute projects.

The construction cost of the building to be developed on this site is estimated to be around S$50 million. As a result, the total cost of land leases and construction costs is approximately S$103 million. Considering that the current rent for workers' dormitories (407 beds) is about S$2.83 million per year; and the current rent for offices and storage is about S$27.27 per square metre, the estimated area of about 13,809 square meters of office and storage space to be allocated in the building to be developed on this land is approximately SGD 4.52 million per year, or the total cost of workers' dormitories and offices and storage spaces is about S$7.35 million. The Group anticipates that it will take about 2 years to complete the construction and renovation of the building, so the building will have an operating period of about 30 years. According to this estimate, the cumulative savings are approximately S$220.5 million, which is more than double the total cost of land leasing and building a building on this land. The cumulative savings are expected to be even higher, taking into account anticipated rising rents for dormitories and office and storage space in Singapore.