SINGAPORE (Feb 19): Boustead Projects, the specialist in real estate solutions, says its wholly-owned design-and-build subsidiary, Boustead Projects E&C, has won a contract worth over $70 million.
Under the contract, Boustead Projects E&C will design and build an integrated advanced high-tech manufacturing facility in Singapore.
With a gross floor area of 36,300 sqm, the facility is intended to expand the client’s existing operations in Singapore. The project is expected to be completed by the second quarter of calendar year 2020.
With the capture of nearly $600 million in contracts in just the past three months, Boustead Projects says its order book backlog is at over three times its average annual design-and-build revenue over the past five years.
These include the $242 million JTC Multi-Storey Recycling Facility, Razer Southeast Asia HQ and over $200 million Surbana Jurong Campus designed by world-renowned, award-winning architect Moshe Safdie.
Going forward, Boustead Projects says it will continue to focus its regional business development efforts in making further inroads into high-value sectors and identified areas of growth.
While the latest contract is not expected to have a material impact on the profitability, earnings per share (EPS) and net tangible asset value per share of the Boustead Group in the current financial year ending March 31, it is expected to have a positive material impact on the group’s profitability and EPS for the financial year ending March 31 2020.
As at 12.47pm, shares in Boustead Projects are down 0.5 cent at 93 cents.