Papan3.15L-R: Ong Pang Aik (Chairman & MD, Lian Beng Group) | Bin Hee Din Tony (Executive Director, Centurion Corp) | Kong Chee Min (CEO, Centurion Corp) | Lee Yi Shyan (Senior Minister of State, Ministry of Trade and Industry and Ministry of National Development) | Charles Quek (President, Association of Process Industry) | Lim Kok Kiang, Assistant MD, Clusters Group Engineering, Singapore Economic Development Board | Heah Soon Poh, Assistant CEO, Cluster Group 1, JTC Corporation, and Francis Tay, VP & Chairman, ASPRI Dormitory Working Committee

LeeYiShyan3.15Lee Yi Shyan (Senior Minister of State, Ministry of Trade and Industry and Ministry of National Development). Photos by El Lee

YESTERDAY (Mar 18) marked the groundbreaking for a 7,900-bed workers' dormitory in Jalan Papan in the Jurong area.

It is Singapore’s first dedicated and integrated accommodation featuring a 3,000 sqm training centre for the Process Construction and Maintenance (“PCM”) industry.

Sited on approximately 1.5 hectares of land, the dormitory will be jointly developed by Lian Beng Group and Centurion Corporation, and is expected to be completed by mid-2016.

It is strategically located near to Jurong Island, which is home to more than 100 global energy and chemical companies.

Over 150 guests attended the groundbreaking ceremony with Guest-of-Honour, Mr Lee Yi Shyan, Senior Minister of State, Ministry of Trade and Industry and Ministry of National Development.

The ASPRI-Westlite Dormitory – Papan will meet the stringent requirements of the recently passed Foreign Employee Dormitories Bill, which ensures that the health, safety and security of residents are met with a high standard, including providing for their social and recreational needs.

Mr Charles Quek, President of the Association of Process Industry (ASPRI) said the accommodation is important to the growth and productivity of the PCM industry, which is one of Singapore’s largest industries. “The PCM industry plays a crucial role as part of the larger Energy and Chemicals industry. This dedicated accommodation-cum-training centre is part of the industry’s efforts to address our members’ needs and push for greater productivity, while raising the quality bar by helping the workforce develop and upgrade their skills.”

 

Share price

PE (ttm)

Dividend yield

Market cap

Lian Beng Group

55 c

2.7 x

5.91%

S$281 m

Centurion Corp

53 c

3.6 x

2.83%

S$401 m

Mr Kong Chee Min, CEO of Centurion Corporation Limited, said, “We are pleased with this partnership with ASPRI, together with Lian Beng Group, to deliver this exciting first-of-its-kind project in Singapore. This quality accommodation will have all the hallmarks of Centurion’s renowned workers accommodation, including well-designed and comfortable apartments as well as comprehensive amenities such as a supermarket, food court, medical clinic and well organised social and sporting activities.”

Mr Ong Pang Aik, Lian Beng’s Executive Chairman, said, “Today’s ceremony marks an important milestone in the ASPRI-Centurion-Lian Beng partnership. With the completion of this dedicated accommodation with integrated training facility, it will improve workers’ productivity and welfare, and contribute positively to the development of the Process Industry.”

Lian Beng's shares closed at 55 cents for a trailing PE of 2.7X while Centurion, 53 cents and a PE of 3.6X.

Comments  

0 #1 Sher4 2015-03-19 13:08
RHB report today: The Jalan Papan dormitory is a solid addition to
Centurion’s dormitory portfolio as it will be situated at an attractive location right outside Jurong Island, just a 5- minute drive from the checkpoint.

In addition, it will be supported by the ASPRI association, with training courses provided for workers from the process industry, who are residents of the facility. This JV is Centurion’s second long-term partnership with Lian Beng, and further strengthens the working relationship between the two companies. Centurion recently
announced a record FY14 with recurring NPAT exceeding our estimates by 7.2%. We maintain BUY on the stock with a DCF-backed TP of SGD0.75 (27 % upside).
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