November 8, 2024
Shimizu Corporation (President: Kazuyuki Inoue) recently acquired all shares of Grandwork Interior Pte Ltd ("Grandwork"), a high-end interior fit-out company headquartered in Singapore. This acquisition is part of Shimizu’s global business inorganic growth strategy.
Founded in 1996, Grandwork is a leading interior fit-out company in Singapore, holding a top-tier market share in the luxury interior sector. The company boasts an impressive clientele, including prestigious global luxury brands such as the LVMH Group, Richemont Group, and KERING Group. The company handles interior fit-out works for luxury brands retail shops in Singapore and other ASEAN countries. Grandwork's key strength lies in its ability to independently handle customized, high-quality furniture manufacturing alongside interior fit-out work, enabling it to offer clients a comprehensive one-stop service for luxury interior fit-out projects from furniture production to installation and maintenance. The company's recent annual revenue stands at approximately 98 million SGD, equivalent to about 11 billion JPY.
The acquisition of Grandwork aims to entry into new business domains, expand operations within ASEAN, and acquire global management talent. The luxury interior construction sector maintains a stable market in mature countries and is expected to expand its market, particularly in ASEAN, where the economy continues to grow. As Shimizu sought entry into this promising market, Shimizu focused the attention on Grandwork, which has a track record of collaboration on the Singapore Changi Airport renovation project and possesses exceptional management talents familiar with the local market. By bringing Grandwork into the Shimizu Group, Shimizu aims to expand the global business domain and strengthen profitability.
Shimizu will continue to pursue alliances and M&A efforts aimed at enhancing and expanding operations in Asia and the United States as part of Shimizu’s global business inorganic growth strategy.
≪For Reference≫
Grandwork Interior Pte Ltd Company Overview
| Managing Director | Jay Chiu |
|---|---|
| Location | 7 Sungei Kadut Street 3, Grandwork Building, Singapore 729142 |
| Business Activities | Interior fit-out and furniture manufacturing |
| Establishment | 1996 |
| Revenue | 97,942,163 SGD (2023) |
| Number of Employees | 543 (As of the end of September 2024) |
From left to right:
Ms. Fion Ng (Deputy Managing Director of Grandwork), Ms. Jasmin Lee (former Director and shareholder of Grandwork), Mr. Jay Chiu (Founder, Managing Director and former shareholder of Grandwork), Mr. Inoue (President of Shimizu Corporation), Mr. Fujita (Director of Global Business Headquarters of Shimizu Corporation)
The information contained in this news release is the current information on the date of publication. Please be aware that this information may have changed by the time you view it. Please contact the company to inquire for further details.