Kori Holdings

What Kori Holdings does

KORI Holdings Limited is a Singapore-incorporated, SGX-Catalist-listed specialist sub-contractor (listed 11 December 2012, stock code sgx:5VC) that delivers four integrated underground construction services to main contractors on major Singapore and Malaysia infrastructure projects. Its core service portfolio comprises Steel Strutting (design and supply of temporary earth-retaining and stabilising structures), Steel Decking (design and supply of traffic-diversion and working-platform systems), TBM Bored Tunnelling (skilled workforce supply for full TBM operations), and Steel Piling (driving of steel piles for decking posts, king posts and retaining walls). Kori is a BCA-registered licensed specialist builder in structural steelworks, piling works, ground support and stabilisation works, a regulatory credential that gates entry to these scopes in Singapore. Operations run from a Singapore headquarters at 11 Sims Drive (#06-01 SCN Centre) and a Malaysian regional office at 69-3A OG Business Park, Jalan Taman Tan Yew Lai, Kuala Lumpur.

The group secures work through competitive sub-contract tendering led by main contractors (e.g., Shanghai Tunnel Engineering, Hock Lian Seng, Lum Chang, Nishimatsu, Taisei, Samsung C&T, Koh Brothers, Penta Ocean, Daewoo, China Railway entities, Gammon). Its revenue model is project-based, one-time contracts with values historically ranging from S$68,000 to S$47 million; aggregate disclosed project wins approximate S$223+ million spanning circa 2008–2025 and covering virtually all major Singapore underground programmes (DTSS Phase 2, MRT Thomson-East Coast Line, Downtown Line, Circle Line 6, Cross Island Line, North-South Corridor). Revenue is recognised upon project completion or milestone achievement, making the business inherently project-lumpy. The go-to-market is direct sub-contracting rather than end-customer sales, with no public pricing, no marketing channels beyond direct business development, and no disclosed product/market diversification beyond the four service lines. Kori Nobuaki is named as Founder and Hooi Yu Koh as CEO and Managing Director.

Name

Kori Holdings

Legal name

KORI Holdings Limited

Website

https://kori.com.sg

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

251–500 employees

Short description

KORI Holdings is a Singapore-based, SGX-Catalist-listed BCA-licensed specialist sub-contractor delivering steel strutting, steel decking, TBM tunnelling crew and steel piling services to main contractors on MRT and tunnel infrastructure projects in Singapore and Malaysia.

Ownership category

akta.pro rank

Product category

Underground Construction Services

NAICS

Heavy and Civil Engineering Construction (237)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Tunneling & Underground Geotechnics (Ground Treatment, Support, NATM/SEM Interfaces) (IMAFAOAJ)

Keywords

• Underground construction services
• Structural steelworks
• Piling works
• Ground stabilization works
• Tunnel construction support

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Technology or R&D

Revenue model

1. Specialist Construction Services: Revenue generated from providing specialized civil engineering services as a sub-contractor on major infrastructure projects. Services include steel strutting, steel decking, TBM bored tunnelling, and steel piling works. Contracts are project-based with values ranging from S$68,000 to S$62.87 million. Revenue is recognized upon project completion or milestone achievements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

KORI Holdings is a BCA-registered licensed specialist builder providing structural steelworks, piling works, ground support and stabilization works for underground construction in urban environments. The company delivers four core services: steel strutting (temporary earth retaining structures), steel decking (traffic diversion and working platforms), TBM bored tunnelling (skilled workforce for tunnel boring machine operations), and steel piling (pile driving for decking posts, king posts, and retaining wall systems). These services are delivered as specialist sub-contractor work to main contractors on major infrastructure projects including MRT lines and the Deep Tunnel Sewerage System in Singapore.

Product overview

Kori Holdings is a BCA-registered licensed specialist builder offering a unified suite of underground construction services. The company's core portfolio consists of four integrated service offerings: Steel Strutting (temporary earth retaining structures), Steel Decking (traffic diversion and working platforms), TBM Bored Tunnelling (skilled workforce for tunnel boring machine operations), and Steel Piling (pile driving for decking, king posts and retaining walls). These services are delivered as part of major infrastructure projects including MRT lines and tunnel systems in Singapore.

Differentiator

Problem solved

Functional benefit

Products and services

• Steel Strutting Design and supply of steel strutting for temporary earth retaining or stabilising structures used in underground construction projects. Provided as a specialist sub-contract service to main contractors.
• Steel Decking Design and supply of steel decking for traffic diversion and working platform applications in urban underground works. Delivered as a specialist sub-contract service to main contractors.
• TBM Bored Tunnelling Supply of skilled tunnelling workforce for full operations of Tunnel Boring Machine (TBM) bored tunnels, including labour and supervision. Delivered as a specialist sub-contract service to main contractors on major tunnelling projects.
• Steel Piling Driving of steel piles as decking post, king post and retaining wall systems for construction support. Provided as a specialist sub-contract service to main contractors.

Named customers9 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered minor.

• Nishimatsu Construction Co. LtdminorOthersMain contractor for DTSS Phase 2 and MRT Circle Line 6 projects. Engages Kori Holdings for specialized strutting, decking, and tunnelling services.
• Lum Chang Building ContractorsminorOthersMain contractor for MRT Thomson-East Coast Line, DTSS, Mandai attraction, and North-South Corridor projects. Engages Kori for strutting and decking works.
• Shanghai Tunnel Engineering Co (Singapore) Pte LtdminorOthersMain contractor for MRT Thomson-East Coast Line, Downtown Line, DTSS Phase 2, and North-South Corridor projects. Engages Kori for specialized tunnelling and strutting services.
• Hock Lian Seng Infrastructure Pte LtdminorOthersMain contractor for MRT Thomson-East Coast Line (Maxwell Station) and Cross Island Line (Serangoon North, Aviation Park). Engages Kori for strutting and decking.
• Samsung C&T CorporationminorOthersMain contractor for New State Courts Building and North-South Corridor. Engages Kori for specialist strutting works.
• China Railway First Group Co. LtdminorOthersMain contractor for North-South Corridor tunnel project. Engages Kori for strutting, decking and sheet piling works.
• Taisei CorporationminorOthersMain contractor for MRT Thomson-East Coast Line Marina Bay Station. Engaged Kori for strutting works.
• Koh Brothers Building & Civil Engineering ContractorminorOthersMain contractor for MRT Circle Line 6 Marina Bay Area. Engaged Kori for strutting and decking.
• Penta Ocean Construction Co. LtdminorOthersMain contractor for Jurong Island Transmission Cable Tunnel, MRT Downtown Line, and DTSS projects. Engages Kori for tunnelling crew and strutting works.
• Obayashi CorporationminorOthersMain contractor for East-West Transmission Cable Tunnel project. Engaged Kori for strutting and tunnelling services.
• Daewoo Engineering & Construction Co. LtdminorOthersMain contractor for MRT Thomson-East Coast Line Stevens Station and tunnelling works. Engaged Kori for strutting, decking, and tunnelling services.
• China Railway No.5minorOthersMain contractor for MRT Thomson-East Coast Line Lentor Station. Engaged Kori for strutting and decking.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Koh Brothers Group: Singapore-listed building and civil engineering contractor active on MRT Circle Line 6 and other infrastructure. Comparable as a Kori customer (engaged Kori for Marina Bay cut-and-cover) and as a Singapore civil contractor operating in the same project universe.
• Shanghai Tunnel Engineering (Singapore): Singapore arm of major Chinese tunnelling and underground works contractor, one of Kori's largest repeat customers on DTSS Phase 2 and multiple MRT lines. Comparable as a participant in the same underground construction ecosystem, though operating as main contractor.
• Hock Lian Seng Infrastructure: Singapore civil engineering contractor focused on infrastructure and MRT works, engaged Kori for Thomson-East Coast Line and Cross Island Line stations. Comparable as a Kori customer and as a Singapore infrastructure main contractor in the same value chain.
• Soletanche Bachy: Global geotechnical and foundations contractor and parent of Bachy Soletanche Singapore. Comparable as a major international incumbent offering the same specialist underground/ground engineering services Kori provides, but at global scale.
• Keller Group: Global geotechnical solutions contractor offering piling, ground improvement and earth retention across infrastructure markets. Comparable as a much larger incumbent in the same specialist underground/ground engineering category Kori operates in.
• Lum Chang Holdings: Singapore-listed main contractor delivering building, civil engineering and infrastructure projects. Comparable as a customer of Kori (engaged Kori for strutting/decking on MRT/DTSS/Mandai/NSC), illustrating the main-contractor vs sub-contractor dynamic.

Direct peers

• Econpile Holdings: Malaysia-listed specialist piling and foundation contractor delivering bored piles, micropiles and ground engineering solutions. Most directly comparable peer — same specialist sub-contractor model, same scope of piling/ground support works, same regional infrastructure customer base.
• Tiong Woon Corporation: Singapore-listed specialist contractor providing heavy lifting, cranage, and civil/structural steel services to infrastructure and construction projects. Comparable as a Singapore-based specialist sub-contractor with structural steel and infrastructure focus.
• CSC Holdings: Singapore-listed foundation and geotechnical engineering specialist offering piling, earth-retaining systems and ground improvement. Directly comparable as a BCA-licensed piling/ground engineering sub-contractor serving MRT and infrastructure projects in Singapore.
• Bachy Soletanche Singapore: Singapore arm of global geotechnical specialist Soletanche Bachy, providing piling, diaphragm walls, ground improvement and underground works. Direct specialist competitor for underground/ground support contracts on Singapore MRT and tunnel projects.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/kori-holdings-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kori Holdings