Toronto, Ontario--(Newsfile Corp. - November 4, 2024) - Urban Infrastructure Group Inc. (TSXV: UIG), a leading stage-one concrete and drainage infrastructure construction group, specializing in large scale new residential housing developments, announces that it has been awarded a new residential housing contract totaling 150+ units in Pickering, Ontario.
Following the recent announcement dated October 21, 2024 - Urban Infrastructure Group Inc. Begins Work on 400+ New Residential Units in Southern Ontario, today's announcement reflects the pace of additional business that UIG is winning. The UIG team will begin sewer utility pipe service installation and concrete pouring of basements, garages and porches on the approximately 150 new residential units in Pickering in early January. The $1.5M contract is projected to take 6 months to complete.
Ungad Chadda, CEO of UIG stated, "The recent BoC interest rate cut of half a point has directionally aligned with further stimulating residential developers to move forward on projects. We are delighted to finally see signs a recovery and rebound in the new home building market, and UIG is very well positioned to capitalize on that growth opportunity."
UIG's current Bid Pipeline sits at $31M+ (2,800+ units) of which the Contracted Pipeline currently sits at $9.5M (800+ units). Urban defines Bid Pipeline as all tenders or RFP's that Urban has been invited to bid on and for which the Company has submitted a bid. Contracted Pipeline is defined as the subset of the Bid Pipeline that has been confirmed as awarded by the customer to Urban.
About Urban Infrastructure Group
Urban Infrastructure Group Inc. (TSXV: UIG) is a leading concrete and drainage infrastructure construction group engaged in the earliest stage of the construction process - known as Stage One. Urban Infrastructure Group specializes in large-scale, master-planned residential communities, with partners and customers behind some of Ontario's most significant residential development projects.
Connect with UIG: https://urbaninfrastructuregroup.com/
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