📋 Tender Overview
PRECISION plastic components maker Fu Yu Corporation is undertaking a S15.4 million redevelopment project to expand and improve its operations in Singapore it said on Wednesday.Construction works for the groups premises at 9 Tuas Drive 1 Plot 9 has begun and is targeted for completion in the fourth quarter this year. The project will be financed by the groups internal funds.The redevelopment is also in conjunction with the lease renewal of the groups premises at 7 Tuas Drive 1 Plot 7 and Plot 9 for a further term of 20 years from Nov 16 2021.Plot 7 has a land area of 4756 square metres sq m while Plot 9 has a land area of 4755 sq m.The new building will have an estimated gross floor area of 9000 sq m which is more than three times the size of the existing building. The layout of the new building will also be modified.As part of the redevelopment project Fu Yu plans to invest in new manufacturing equipment to expand its production capacity and enhance its capabilities to produce better quality products it said. Accordingly the group expects to benefit from higher productivity and operational efficiency.Fu Yu added that its investment in the redevelopment project is part of its long-term strategy as Singapore is an important and growing base for its manufacturing operations. The redevelopment project is not expected to have any material impact on the companys net tangible assets or earnings per share for the financial year ended Dec 31 2019.Fu Yu shares closed at 24.5 Singapore cents on Wednesday down 3.9 per cent or one cent.
