Boustead Projects

Boustead Projects unit to buy Tampines industrial building for $77.4 mil

SINGAPORE (Oct 1): BP-TPM, a 51%-owned joint venture of Boustead Projects, has entered into a sale and purchase agreement to acquire the leasehold interest of an industrial building at 6 Tampines Industrial Avenue 5 for a purchase price of $77.4 million, excluding stamp duty and GST.

The property is held on a 30-year lease granted by JTC Corporation, which commenced on May 10, 2009, with an option to renew for a further 30 years at the prevailing market rent as determined by JTC.

The purchase price will be financed via a combination of equity and bank borrowings.

CGS-CIMB starts Boustead on 'add' as it fires on all cylinders

SINGAPORE (Sept 23): CGS-CIMB Research is initiating coverage on Boustead Singapore with an “add” recommendation and a target price of $1.00 – representing an upside of more than 36%.

In an initiation report on Friday, lead analyst Ong Khang Chuen notes that the group’s real estate and energy-related engineering order book backlog is currently at a five-year high, while its geospatial segment continues to expand steadily.

In FY20, Boustead’s energy-related engineering segment has secured $161 million worth of contracts to-date, compared to $89 million secured in FY19.

Boustead Projects 1Q earnings down 53% to $4.7 mil on absence of one-off gains

SINGAPORE (Aug 7): Boustead Projects reported 1Q20 earnings of $4.7 million, 53% lower compared to the $10 million in 1Q19, on absence of one-off gains from sale of 25 Changi North Rise in FY19.

Earnings for 1Q19 was also affected by lower margins from current projects and a lower quantum of cost savings from previously completed projects.

This was despite a 59% increase in revenue to $62.4 million from $39.2 million a year ago, driven by revenue increases from both the group’s Design-and-Build and Real Estate business segments.

CGS-CIMB has eyes on Boustead Projects after order book hits record

SINGAPORE (June 21): Boustead Projects, the industrial property designer and building solutions provider, is now on the radar screen of CGS-CIMB Research after its order book hit a record high of $660 million.

This figure comprises of values of both the company’s remaining unrecognised project revenue at the end of FY19 and the new orders secured since then – including sizeable contracts for the JTC multi-storey recycling facility and Surbana Jurong Campus.

Boustead Projects records 2% dip in 4Q earnings to $5.7 mil despite revenue surge

SINGAPORE (May 23): Real estate solutions specialist Boustead Projects posted a 2% drop in earnings to $5.7 million for the 4Q19 ended March, compared to restated earnings of $5.8 million for 4Q18.

This brings full year earnings for FY19 to $30.6 million, some 5% higher than earnings of $29.2 million a year ago.

The group recorded earnings per share (EPS) of 1.8 cents for 4Q19, the same as a year ago. For FY19, EPS rose to 9.8 cents, compared to 9.1 cents for FY18.

Boustead Projects JV to develop aerospace and high-tech park in Subang Aerotech Park

SINGAPORE (Mar 25): Boustead Projects is jointly developing an aerospace and high-tech park in the Subang Aerotech Park which will be leased to corporations in the aerospace industry when completed.

BP Aerotech (Subang), Boustead Projects’ wholly-owned subsidiary in Malaysia, last Friday signed a joint venture agreement with Malaysia Airports (Subang) to incorporate a joint venture company BPMA Subang to undertake the development.

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

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.

Boustead Projects posts 15% drop in 3Q earnings to $6.8 mil despite revenue surge

SINGAPORE (Feb 12): Real estate solutions specialist Boustead Projects saw its earnings fall 15% to $6.8 million for the 3Q19 ended December, from $8.0 million a year ago.

3Q19 revenue jumped 70% to $81.3 million, from $47.9 million a year ago, on the back of higher design-and-build revenue.

Shares of Boustead Singapore, Boustead Projects up on $200 mil contract win

SINGAPORE (Jan 21): Shares of Boustead Singapore and Boustead Projects rose on Monday morning.

This follows Boustead Singapore’s Friday night announced that Boustead Projects, its 53% owned subsidiary, had won a contract worth over $200 million to design and build Surbana Jurong Campus.

As at 10.49am, Boustead Singapore shares are up 1.9% to 80.5 cents with 419,000 units of traded while Boustead Projects shares are up 2.3% to 90 cents with 36,000 units traded.

Boustead Projects reports 19% fall in FY18 earnings to $29.2 mil on absence of one-offs

SINGAPORE (May 18): Boustead Projects reported a 19% fall in FY18 earnings to $29.2 million which came on the back of a 12% fall in revenue to $201.3 million.

For 4Q18, Boustead Projects registered quarterly revenue that was 50% higher year-on-year at $57.6 million, due to higher revenue contributions from the design-and-build business.

Design-and-build revenue was 64% higher year-on-year at $49.9 million, as there was greater revenue converted from contracts secured during FY18.

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