Chip Eng Seng Corporation Ltd

Our History

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The history of the Chip Eng Seng Group can be traced back to the 1960s when the founder, Mr Lim Tiam Seng pbm started the business as a building subcontractor for conventional landed properties such as terrace houses, bungalows and shophouses. In 1975, he registered his business under the name of Chip Eng Seng Construction ("CESN") as a sole proprietorship. Over the years, through competitive pricing and offering quality work, CESN grew from a small subcontractor to become a main contractor for conventional landed properties.

In 1980, Mr Lim Tiang Chuan, the sibling of Mr Lim Tiam Seng, joined the latter to further expand his business. The year 1982 marked the Group's first Housing and Development Board ("HDB") project as a main building contractor. The project secured was two blocks of integrated four-storey industrial buildings with industrial shop lots and amenities such as an eatery and an electrical sub-station in Kampong Ubi.

Over the years, CESN's business expanded in line with the rapid growth in Singapore's private and public housing sectors. With its quality work and ability to comply with HDB's requirements, the Group's business focus shifted gradually from construction of private properties to HDB public housing.

In 1988, CESN's business was taken over by the newly incorporated Chip Eng Seng Contractors (1988) Pte Ltd ("CESC"). Since the change of legal entity under which its then construction business was required by the law to operate, CESC continued to focus on the construction of HDB flats.

In September 1991, Chip Eng Leong Enterprise Pte Ltd ("CELE") was acquired by CESC to spearhead the Group's expansion into property investment and development in residential and commercial properties. In August 1995, the Group incorporated Evervit Development Pte Ltd ("Evervit") to develop and own an industrial building at 69 Ubi Crescent.

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In preparation for a potential public listing, the Group incorporated Chip Eng Seng Corporation Pte Ltd ("CES") in October 1998. On 2 November 1999, the Group underwent a restructuring exercise upon receipt of an in-principle approval for listing on the Stock Exchange of Singapore Limited, (now known as the Singapore Exchange Securities Trading Limited). Under the exercise, CESC, CELE and Evervit became wholly-owned subsidiaries of CES and its share capital was increased to 20,000,000 shares of $1 each and then subdivided into 400,000,000 shares of $0.05 each. Thereafter, CES changed its name to Chip Eng Seng Corporation Ltd on 3 November 1999 before it was successfully admitted to the Official List of SES on 24 November 1999.

CES issued 90 million new shares of $0.05 each to raise net proceeds of $15.2 million. The listing allowed its employees, business associates and other members of the public to own 25.5% of the total issued and paid-up capital of 490 million ordinary shares of $0.05 each. The invitation to participate in the equity of CES was successful as the invitation shares were 77.1 times over-subscribed and recorded a trading premium of 56.56% on the first day of trading.