CSC: BAGS MARINA BAY FINANCIAL CENTRE CONTRACT $118M

CSC BAGS MARINA BAY FINANCIAL CENTRE CONTRACT

Latest win boosts order book to S$448m

SINGAPORE, 31 January 2008 – Leading foundation and geotechnical engineering specialist, CSC Holdings Limited ("CSC" or "the Group"), has seen a further boost to its portfolio by bagging the foundation works contract for phase two of the Marina Bay Financial Centre (BFC) Commercial Tower.

The contract was awarded by Central Boulevard Development Pte Ltd – a joint venture between Cheung Kong (Holdings) Limited, Hongkong Land Limited and Keppel Land Limited.

Work at the Marina BFC Commercial Tower will involve bored piling, diaphragm wall and ground improvement works, and is scheduled to commence at the end of this month and be
completed by the first quarter of 2009.

This latest contract win was one of four foundation works secured by CSC in the past three weeks. The other three are Alexandra Industrial Park, Lonza Biologics Plant (Phase Three) at Tuas, and public housing projects at Choa Chu Kang/Yishun. Collectively, the contracts are about S$118 million, with the bulk of it being contributed by the Marina BFC.

Mr See Yen Tarn, Chief Executive Officer of CSC Holdings Limited said, "Our strategy of extending our capabilities via strategic acquisitions as well as organic growth has enabled us to become the only ground engineering specialist in Singapore, who can provide a full range of foundation works. This has not only served us well in giving us an edge in the tendering process of various foundation contracts, but also laid the ground work for future growth."

The four new contracts wins come just three weeks after CSC announced on 10 January
2008 that it had secured several foundation contracts amounting to S$120 million. The Group’s order book to date stands at S$448 million, with most of the projects to be completed within the next 12 months.

For the six months ended 30 September 2007, the Group’s revenue was S$185 million with profit after tax of S$20 million. These have surpassed the Group’s revenue of S$127 million and profit after tax of S$9.3 million respectively for the full financial year ended 31 March 2007.

Preliminary figures released in mid-January 2008 by the Building and Construction Authority ("BCA") indicate that Construction demand in Year 2007 was approximately S$24.5 billion.

Expected demand for Year 2008 is between S$23 billion and S$27 billion. The Land and Transport Authority has also announced its plan to construct 4 new MRT Lines in addition to the 3 lines which are under construction. In addition, 2 new Expressways will also be added to our land transport network.

The Group sees many opportunities in local market with the expected increase in infrastructure works (e.g. MRT Lines), private/public housing projects and institutional projects, amongst others. Added Mr. See, "While we continue to ride on our strength at home, we will also aim to further establish our overseas presence to ensure substainable growth of the Group beyond the current construction boom in Singapore".