Singapore's fourth egg farm, which was slated to be operational by 2024, may be re-evaluating the viability of setting up here.
The Straits Times previously reported that the farm, owned by local company ISE Foods Holdings (IFH), had faced delays in construction attributed to rising costs, and challenges linked to its biosecurity measures.
In an update to the Singapore Exchange on July 29, Ellipsiz, which has an 80 per cent stake in ISE Capital Management, the main backer of IFH, said: "It is expected that a considerable amount of time and effort will be required to address these issues. Against this background, a re-evaluation of the viability of the egg farm project by the company, in consultation with the relevant authority, may also be required."
Ellipsiz noted that the impact of the pandemic, supply chain disruptions and inflationary pressures due to geopolitical tensions, and the need to enhance the farm's biosecurity measures in the light of increased disease incidents in the region, have caused development costs to "rise significantly" above the initial estimates.
This has led to challenges in project execution, further delaying the development of the egg farm.
This story is from the August 03, 2024 edition of The Straits Times.
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This story is from the August 03, 2024 edition of The Straits Times.
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