On 28 March 2012, our Company was incorporated in Singapore under the Companies Act as a private company limited by shares as the Listing vehicle and holding company of our Subsidiaries. On 6 July 2012, our Company was converted into a public company limited by shares and its name was changed to Sysma Holdings Limited and converted into a public company.
Our Group's history in the construction business can be traced back to 1986, when our Executive Chairman and CEO, Sin Soon Teng acquired a company named "Calicos Enterprise Pte. Ltd." and renamed it "Sysma Construction Pte Ltd", which is presently our principal Subsidiary engaged in the provision of building construction services to the private sector in Singapore. In 1986, our Executive Director, Ang Seng Heng and our Executive Officer, Ng Lay Khim joined Sysma Construction and in 1987, both Ang Seng Heng and Ng Lay Khim became shareholders of Sysma Construction.
Through the years we have built a diverse track record for undertaking projects for residential buildings, commercial buildings, heritage and conservation buildings, institutional buildings, industrial buildings, and educational institutions. We set out briefly below our milestones both in terms of value and complexity and diversity of projects undertaken:
Sysma Construction undertook its first project in 1986 and undertook A&A works for an old bungalow situated at Yarwood Avenue in the Bukit Timah area of Singapore.
From 1992 to 1998, we undertook and built 13 apartments and condominium projects, including Marymount View (69-unit condominium on Marymount Road), Pasir View Park (80-unit condominium on Pasir Panjang Road) and Chantilly Rise (120-unit condominium on Hillview Avenue). The contract value for these projects range between S$10 million to S$30 million. We were awarded the Certificate of Merit by CIDB in the Construction Excellence Awards held in 1996 for our high standards of management, technical expertise and workmanship for Pasir View Park.
In 1995, we made our first inroads in conservation projects and completed a conservation project for a 11-unit shop house located at 161 Lavender Street. Even though this was our first conservation project, Sysma Construction was among the first few contractors to be awarded the URA Architectural Heritage Award by the URA in 1995.
In September 1996, we completed another conservation project with a contract value above S$20 million. The project undertaken was for the erection of a five (5) storey building and the conservation of an existing building (URA Land Parcel 199) at Magazine Road. Sysma Construction was awarded the Certificate of Merit by the BCA at the Construction Excellence Awards held in 1999 for this project.
On or around 1996, our Executive Chairman and CEO, Sin Soon Teng, made a strategic decision to focus on the market for bungalows, for which our Group is currently reputed for. On 17 November 1996, we completed a bungalow construction comprising a total of eight (8) units at the junction of Fifth Avenue and Sixth Avenue in the Bukit Timah area. We have todate constructed more than 105 bungalows in Singapore, of which 29 are in Sentosa Cove.
In 1998, we also made progress with respect to commercial projects when we completed the A&A works for the then 11-storey Crown Prince Hotel with two (2) basement levels located at Orchard Road.
On January 2000, we completed 11-units of two (2) storey bungalows, each with a swimming pool, and in that development we also effected the conservation of one (1) unit of an existing property and one electrical substation for the project located at Whitehouse Park and Dalvey Road ("The Glencaird Residence" at Bukit Timah), with a contract value above S$30 million. In 2001, we were awarded both the Construction Excellence Award and the URA Architectural Heritage Award for The Glencaird Residence.
In 2002, we made our first inroads into Sentosa with a conservation project for Spa Botanica, a spa built out of pre-war structures and on a heritage site of 6,000 sq m. Further in March 2005, we completed the preservation and conservation projects for several blocks of conservation property at Larkhill Road in Sentosa, which was then used by the Tourism Academy @ Sentosa.
In 2003, our Subsidiary Northshore acquired a plot of leasehold land at Defu Lane Estate in Hougang and built a dormitory for our foreign workers. The dormitory is able to provide accommodation for up to 350 workers and is also used to store our equipment and inventory required by our Group in the course of its business.
Between 2003 and 2006, our then associate, RGL Development Pte. Ltd. had acquired a piece of land at Allamanda Grove in Bukit Timah, in which it proceeded to develop, construct and sell four (4) bungalows sited on the acquired land. We have not acquired any land for development since the completion of this project.
Our latest notable projects include the completion of an exclusive bungalow construction at Gallop Road (beside the Singapore Botanic Gardens) with an original construction value of over $17 million in September 2011 and the completion of a two (2) storey bungalow with a basement and a swimming pool located at Cluny Road (beside the Singapore Botanic Gardens) with an original construction value of over $18 million in February 2012. We have also been awarded a project to build a bunglow at Peirce Hill with an original contractnal value of over S$37 million in current financial year 2012.
On 28 August 2012, our wholly-owned subsidiary, Sysma Properties Pte Ltd has entered into two seperate Options to purchase properties located at Race Cource Lane. The purchase price for Option I was S$3,921,510 and Option II was S$18,878,490.
We have received certifications and accolades for our business, including the ISO 9001:2008 in 1996, OHSAS 18001:2007 in 2006, and the bizSAFE star accreditation in 2012. The company has also received ISO 14001 : 2004 certification with BCA in 2012.
Our Group has grown both in terms of stature and abilities, consistently handling higher value construction projects in Singapore which are of a diversity of construction challenges and complexities. We believe that we are one of the more established local construction companies in Singapore, reputed for our technical expertise and strong project management. We have proven our expertise through an exemplary and diverse track record particularly in the construction of Good Class Bungalow and restoration and conservation works. Going forward, we intend to continue to focus on our core strengths and capabilities and explore property development and other business opportunities