Springview Holdings Receives Government Certifications for Expanded Revenue Opportunities

Springview Holdings, a Singapore-based construction company, has announced a significant expansion of revenue opportunities after its subsidiary, Springview Enterprises, received two new government certifications from the Building and Construction Authority. The certifications will enable the subsidiary to bid for small-scale public sector projects, allowing the company to expand its addressable market. The CEO believes that the certifications align with the company's long-term growth plan and position it to take on more complex projects.

Singapore, April 1, 2025 (GLOBE NEWSWIRE) -- Springview Holdings Ltd (Nasdaq: SPHL) ("Springview Holdings" or the "Company"), a leading construction company in Singapore, has announced a significant expansion of its revenue opportunities following the receipt of two new government certifications by its subsidiary, Springview Enterprises Pte. Ltd. ("Springview Singapore"). The certifications, CW01 and CW02, from the Building and Construction Authority (BCA) in Singapore, enable Springview Singapore to bid for small-scale public sector projects, thereby expanding the company's addressable market.

Zhuo Wang, CEO of Springview Holdings, commented, "Our team continues to execute as we build on our successful track record in the thriving Singapore real estate market. As a public company, we are now able to leverage a stronger balance sheet to strategically deploy capital across a greater number of revenue opportunities to unlock value for all shareholders. We are excited about this next phase of accelerated growth and expect to capture an increased number of opportunities now that we have secured the additional government certifications."

The CW01 and CW02 certifications allow Springview Singapore to participate in public sector tenders for general building and civil engineering projects, including roads, bridges, utilities, and more. Additionally, these certifications will enable the subsidiary to expand its scope of operations and work towards securing higher classifications. The certifications follow an upgrade of Springview Singapore's GB1 certification, which was successfully attained in November 2024, allowing it to undertake larger and more complex building projects as a main contractor.

The receipt of these certifications reflects Springview Singapore's commitment to industry leadership and its strategic ambition to enhance its capabilities for high-value construction and infrastructure projects. The important new certifications follow an upgrade of Springview Singapore's GB1 certification, which was successfully attained in November 2024, allowing it to undertake larger and more complex building projects as a main contractor.

The upgrade from General Builder Class 2 (GB2) to General Builder Class 1 (GB1) under BCA’s regulations has several significant implications for Springview Holdings. GB2 contractors are restricted to carrying out smaller-scale building works, while GB1 contractors can undertake larger and more complex projects as the main contractor. This upgrade allows Springview Singapore to compete for high-value projects and participate in government and private sector tenders that require GB1 certification.

Springview Holdings' recent achievements, including the successful completion of its initial public offering (IPO) in October 2024, have positioned the company to leverage its stronger financial position and strategic growth opportunities. The IPO raised US$6 million, which was used for business development, marketing activities, hiring and training skilled workforce, and working capital and other general corporate purposes.

As Springview Holdings continues to expand its operations and secure higher certifications, investors can expect to see increased revenue and business opportunities. The company's strategic focus on expanding its project portfolio and competing for larger-scale projects positions it well for future growth and success in the Singapore construction market.