OUR CORPORATE PROFILE
OKP Holdings Limited (OKP) and its subsidiary corporations are a leading transport infrastructure and civil engineering group in Singapore. The Group specialises in the construction of airport runways and taxiways, expressways, flyovers, vehicular bridges, urban and arterial roads, airport infrastructure, and oil and gasrelated infrastructure for petrochemical plants and oil storage terminals.
The Group also carries out maintenance works for roads and road-related facilities as well as building construction-related works. Over the past decade, OKP has expanded its core business to include property development and investment.
Wholly-owned subsidiary corporation Or Kim Peow Contractors (Pte) Ltd (OKPC) was started by founder and Chairman, Mr Or Kim Peow, in 1966 as a soleproprietorship and celebrated 50 years in business in 2016. Since then, the Group has grown considerably while building its capabilities and establishing its track record to realise its vision to be a leading transport infrastructure and civil engineering company in Singapore, the region and beyond. Our organisation has two core business divisions, construction and maintenance, and tenders for public and private civil engineering and infrastructure projects as well as maintenance contracts.
Through the decades, OKP has worked diligently and efficiently to achieve its mission to be the first and preferred civil engineering contractor for the various industries. The Group has acquired a solid list of clients from both public and private sector organisations. Public sector clients include the Housing & Development Board, JTC Corporation, Land Transport Authority, National Parks Board, Public Utilities Board and Urban Redevelopment Authority. In the private sector, clients include the Changi Airport Group, ExxonMobil, Foster Wheeler Asia Pacific Pte Ltd, and WorleyParsons Pte Ltd.
Although the Covid-19 pandemic has eased, economic upheavals and political turbulence are still prevailing and affecting many countries worldwide. In the face of these challenges, OKP has been nimble in adapting to changes to overcome these difficulties to achieve its business goals. Our strategy is to develop our resilience by staying focused on our core competencies and at the same time, growing our presence in other revenue-generating sectors such as property developments and investments. Our abilities and position as a leading player in the public sector have been well acknowledged, particularly in Singapore.
Our wholly-owned subsidiary corporations, OKPC and Eng Lam Contractors Co (Pte) Ltd, are A1 grade civil engineering contractors under the Building and Construction Authority Contractors' Registry, which permit them to bid for public sector construction projects of unlimited value.
Taking a strategic view, the Group has embarked on several key initiatives to develop its expertise and widen its experience in the competitive business environment by investing in several joint ventures. In 2014, OKP invested in an associated company, United Singapore Builders Pte. Ltd., with four other established construction companies with the aim of taking part in complex project tenders.
In addition, the Group regularly explores new opportunities to build its property development and investment portfolio, through joint ventures as well as on its own. Past property development projects include a 546-unit executive condominium, LakeLife, at Yuan Ching Road/Tao Ching Road and a luxury condominium, Amber Skye, at Amber Road, both in Singapore.
In February 2018, we won a tender with a joint partner to acquire a land parcel at Chong Kuo Road in Singapore. The development called The Essence, a residential condominium comprising 84 units, was launched in March 2019. The Essence is fully sold and it will receive its temporary occupation permit (TOP) in April 2023. Another winning bid was Phoenix Residences in Singapore in August 2018, a 74-unit residential condominium, which was launched in November 2020 and re-launched in July 2021. The project is expected to receive its TOP in July 2024 and is fully sold.
The Group took a significant strategic step in February 2018 by acquiring its first overseas property, a freehold modern office complex at 6-8 Bennett Street, East Perth in Australia. The acquisition was done jointly with a partner.
We have also ventured into investments in Singapore and have bought several properties in recent years. In May 2021, the Group acquired 69 and 71 Kampong Bahru Road, Singapore for $12.4 million for investment. The freehold properties comprise a pair of adjoining two-storey conservation shophouses, occupying a land area of approximately 2,343 sq ft. Earlier in January 2021, OKP purchased a shophouse at 35 Kreta Ayer Road, Singapore for $11.3 million for investment. This freehold property comprises a three-storey with attic shophouse and occupies a land area of approximately 1,568 sq ft and has a total floor area of approximately 4,240 sq ft.
Through more than 50 years, the Group has won various accolades for its annual reports, corporate governance, safety and environment efforts and investor relations. Since 2006, OKP has won a total of 32 safety awards, 10 green and gracious awards, one construction environment award and one Eco-Office certification.
In 2019, our associated company, Chong Kuo Development Pte Ltd, was recognised for three awards for The Essence – Boutique Condo Interior Design (Winner), Best Boutique Development High Density (Highly Commended) and Best Boutique Condo Architectural Design (Highly Commended) – at Property Guru Asia Property Awards Singapore 2019.
In August 2010, we made it to Forbes Asia's “Best Under A Billion” list, the magazine's annual ranking of the top 200 firms in the Asia-Pacific region, which were selected from a list of nearly 13,000 publicly-listed top performers with sales under US$1 billion. The company has also received “Singapore 1000 Company” Certificates of Achievement from DP Information Group for many years.
Listed on the Singapore Exchange since 26 July 2002, OKP's market capitalisation was $47.6 million (2021: $59.9 million) while net tangible assets amounted to $122.0 million (2021: $123.5 million) as at 31 December 2022.