Early last October, Chip Eng Seng revealed that 7 of its shareholders including founder as well as honorary chairman Lim Tiam Seng, who is Chia’s father-in-law, offered their shares amounting to 29.73% of complete provided shares of the company. The customer was Celine Tang, group manag-ing director of noted residential or commercial property team SingHaiyi.
Other members of the Lim family who provide exited Chip Eng Seng were executive deputy chairman, Lim Tiang Chuan (sibling of Lim Tiam Seng); Lim Sock Joo (Chia’s spouse and the founder’s daughter); Lim Tian Moh (anoth-er bro of Lim Tiam Seng); and Dawn Lim Sock Kiang (the founder’s various other child as well as Chia’s sister-in-law).
Chia, meanwhile, stayed at the helm as team CEO. “While the older generation are very enthusiastic regarding the businesses that they have established, they know they need to think about sequence planning at some point,” he says. And that’s what Chip Eng Seng’s founder did. The 80-year-old Lim developed the com-pany in the 1960s as a sub-contractor and also expanded to end up being a major specialist.
In 1982, the firm won its initial HDB building and construction agreement. Chip Eng Seng was also the professional for Peak @ Duxton, the spots 1,848-unit, skyscraper HDB development with seven 50-storey towers linked by two skies bridges.Chip Eng Seng will be handling the con-struction of Parc Komo. It is also the contractor for the 720-unit Splendour Park Residences, which is anticipated to be finished at some time in 2020-2021. While SingHaiyi’s Flavor is currently chairman of Chip Eng Seng, she is a non-independent and also non-executive director.
“The lines are drawn really clearly in between administration and also non-ex-ecutive investors to prevent any kind of problems of passion,” stresses Chia. As an instance, Flavor was not conscious that Chip Eng Seng had placed a bid for the Kam-pong Java site. Just on the occasion that both noted entities intend to develop a joint endeavor to bid for a site will they get in touch with each other, says Chia. “If Chip Eng Seng wishes to develop joint endeavors with various other long-term companions such as Heeton Holdings or KSH Holdings, we can do it without having to seek advice from any person.” Lock Wai Han was also designated an in-dependent and non-executive supervisor of Chip Eng Seng at the end of in 2014.