Tiong Seng gets go ahead for 12-storey development

It's a 20:80 deal.

According to an SGX release, the Board of Directors of Tiong Seng Holdings Limited announced that the 20:80 Joint Venture between its wholly-own subsidiary, Tiong Seng Contractors Ltd, and Kajima Overseas Asia Pte Ltd has been awarded the contract by MediaCorp Pte Ltd for the proposed Erection of a 12 Storey Media Complex comprising of 3 Basements, Theatres, Studios, Retail And Other Media Facilities At Mediapolis @ One North On Lot 4897N & 4888W MK 03 Ayer Rajah Avenue .

The contract is worth approximately $413 million and expected to commence in November 2012. The Project is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2012.