CTR HOLDINGS (01416) has won the bid for land located in Geylang, Singapore.

CTR HOLDINGS (01416) announced that on August 19, 2026, Qian De (a wholly-owned subsidiary of the Company) received a letter from Jurong Group confirming that the bid for the land (Lot 07952LMK28, located in Gaki Bukit, Singapore) at a land price of SGD 52.788 million (excluding the current Goods and Services Tax) has been accepted. The Group intends to develop a multi-story building on the land, which will include two floors of dormitories to provide accommodation for workers (approximately 407 beds), and an additional six floors consisting of office space and storage areas for construction materials and equipment. The Group plans to relocate its headquarters to the new building on the land. In terms of construction operations, the Board believes that providing accommodation for employees is a key aspect of operational infrastructure and team management. As the workers' dormitory market in Singapore is expected to face rent increases in the future, land leasing will allow the Company to reduce operational costs through vertical integration measures while ensuring housing for work teams, thus alleviating labor shortages caused by the tight housing market in Singapore. The Company aims to improve operational efficiency, reduce logistics costs, and centralize management supervision by consolidating worker dormitories, storage facilities, and office headquarters at a single location. This comprehensive approach will ultimately enhance the Group's project execution capabilities. The estimated construction cost of the building to be developed on the land is approximately SGD 50 million. Therefore, the total cost, including land leasing and construction, is approximately SGD 103 million. Considering that the current rent for the workers' dormitory (407 beds) is about SGD 2.83 million annually, and the current rent for office and storage space is approximately SGD 27.27 per square meter, using this price for estimating an area of approximately 13,809 square meters allocated for office and storage space in the building to be developed on the land, the annual cost for office and storage is about SGD 4.52 million, resulting in a total cost of approximately SGD 7.35 million for both the workers' dormitory and the office and storage areas. The Group anticipates that it will take about two years to complete the construction and renovation of the building, which will have an operational period of approximately 30 years, thus estimating a cumulative saving of about SGD 220.5 million, which is more than double the total cost of land leasing and building construction on the land. Considering the expected rising rents for dormitories, offices, and storage space in Singapore, the aforementioned cumulative saving amount is expected to be even higher.