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SINGAPORE: Mainboard-listed TEE International says its subsidiary, PBT Engineering has taken over the Marina Bay Sands Workers' Dormitory.
It will operate it for a period of nine months starting from September 1, under the preview of the Building & Construction Authority.
This facility comprises two blocks of workers dormitory and a communal block.
Marina Bay Sands used to own the dormitory, while PBT operated it on their behalf since December 2008 as part of a 'Design, Build & Operate' Workers' Dormitory contract.
The dormitory has the capacity for up to 2,280 workers.
It is also equipped with amenities such as a mini mart, gymnasium and games room.
It also provides laundry, food catering and shuttle services.
Tee International says the transaction will not have any material effect on the company's earnings and net tangible assets.
Aside from the Marina Bay Sands Worker's Dormitory, TEE International will receive recurrent income of S$3.8 million.
This will come from the leasing of the NORDAM Industrial Building in Changi North Crescent in the coming 24 months.
It will also receive income of S$1.3 million from managing the Rom Klao Estate for the National Housing Authority in Thailand over the next 12 months.
The company says it will continue to pursue opportunities in this segment to add to the recurring income stream. - CNA/fa
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