CNQC International Obtains Two Singapore Construction Contracts Optimizing and Integrating Resources to Gain Customer Recognition

CNQC International Holdings Limited

 (Incorporated in the Cayman Islands with limited liability)

(Stock code：1240.HK)

CNQC International Obtains Two Singapore Construction Contracts

Optimizing and Integrating Resources to Gain Customer Recognition

 (8 November 2019 - Hong Kong) CNQC International Holdings Limited ("CNQC International," "the Company," together with its subsidiaries, collectively "the Group”, stock code: 1240.HK), a leading property developer and contractor in Singapore, is pleased to announce that its indirect wholly-owned subsidiary have successively obtained two Singapore construction contracts for the Dairy Farm residential project and the Coastline residential project. The total value of two contracts are estimated to be about S$128 million (about HK$736 million) and S$46 million (about HK$265 million) respectively.

The Dairy Farm residential project is located in Lot 02788P at Dairy Farm Road in the Bukit Panjang Planning Area in Singapore. It is a commercial and residential mixed development project composed of 460 residential units and child care centers, supermarkets, food pavilions, shopping malls and etc. The project will commence on 28 November 2019 and is expected to be completed by 28 July 2022. The project will adopt PPVC construction technology.

The Coastline residential project, located in Amber Road 9, has two 21-storey buildings with a total of 144 residential units, as well as basements, swimming pools, aerial terraces and utilities. The project will commence on 16 October 2019 and is expected to be completed on 16 April 2022.

Chief Executive Officer of CNQC, Mr. Wang Congyuan, said: “The Group has been ploughing the Singapore market for 20 years and has mature products and industry experience. In recent years, the price competition in the Singapore construction market has been fierce, and this successful bid has won two construction contracts, confirming  that the superb quality of the Group has been widely recognized by customers and the market. It will also further consolidate the Group's leading position in the Singapore market."

“Looking to the future, the Group will strive to build the project into an industry benchmark of excellent quality, and through the application of PPVC technology in the projects, continue to carry out technological innovation and upgrading, endeavour to improve productivity and train up relevant technical personnel. At the same time, by virtue of the incumbent advantage of Belt and Road Initiative, the Group will actively explore the market opportunities in Southeast Asia and carry on to look for new projects to inject strong impetus into the Group's business development."