Boustead Projects unit awarded $70 mil contract for high-tech manufacturing facility

Boustead Projects unit awarded $70 mil contract for high-tech manufacturing facility

PC Lee
19/02/19, 12:50 pm

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.

Living it up

SINGAPORE (Mar 25): This is the season for indices. On March 20, Singapore was ranked 34th in the World Happiness Index — less happy than Taiwan, but far more cheery than Hong Kong and China, as well as its neighbours, Thailand, Malaysia and Indonesia. Globally, the Scandinavian and north European cities top the index; and New Zealand, Canada and Austria round out the top 10. The index this year focuses on happiness and the community, taking into account how happiness has evolved over the years, as affected by technology, social norms, conflicts and government policies. A week earlier, th....

The charismatic bankrupt who allegedly pulled the strings behind Singapore's largest stock manipulation scandal

SINGAPORE (Mar 26): Garbed in purple overalls, John Soh Chee Wen cuts a relaxed figure as he takes his seat. The garment falls fittingly on his athletic frame, not unlike a designer suit. It could well have made a fashion statement, save for the word "prisoner" emblazoned in white across the back. As his legal team huddled around him before the start of the trial, the 60-year-old is a picture of calm. At one point, he casually flashes a thumbs up at his lead counsel, N Sreenivasan, a managing director and senior counsel at Straits Law LLP. Then, as he turns back to his seat in the dock, ....

OCBC still bullish on banking stocks after a lacklustre FY18

SINGAPORE (Mar 26): OCBC Investment Research remains bullish on Singapore’s banking space while keeping its sector “overweight” with “buy” calls on both DBS and UOB, which have been given fair value estimates of $29.31 and $28.30, respectively. Both stocks had dividend yields of 4.8%, with DBS and UOB trading at the respective book values of 1.3 times and 1.1 times, or at an average of 1.2 times historical book as at the close of Wednesday. In a Tuesday report, OCBC analyst Carmen Lee notes that raising this average to 1.3 times book and factoring a 10% premium for DBS over the....