Construction company embroiled in wage disputes with its workers was set up only in Oct last year

Why had HDB awarded contract to a newly-formed construction company that was set up only a year ago? Shouldn't HDB consider the track records and financial background of the bidding firm in the tender process? HDB must explain clearly how Sime Chong Construction was awarded the contract for this project.

XIN MSN News, 19 Dec 2012
A Mr Tan, who said he is in charge of Sime Chong Construction, told reporters that four of his workers — all Chinese nationals — had stopped work since 26 November.
He said they are owed between S$1,000 and S$2,000 each for the past three months.
He confirmed the four had complained to the Manpower Ministry on 20 November, after which they had a three—way meeting on 26 November.
Mr Tan added that his car was stolen on Monday and the workers’ salaries vouchers were lost. As such, he was unable to pay the workers.
He issued "I—O—Us" to them and said he will settle the payment in the next few days.
He said Sime Chong Construction was set up in October last year. Full story