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Boustead Projects awarded contracts worth S$70m

BOUSTEAD Projects announced it has been awarded contracts worth a total of S$70 million in the past three months, three of which came from its key overseas market, Malaysia.

One of these new deals is a design-and-build contract for an industrial facility within Iskandar Malaysia. It also secured two construction contracts for works at a petrochemical complex in Kuantan, Pahang, as well as a design-and-build contract for a sizeable integrated data centre and office facility.

The latest contracts secured have raised the Boustead Projects Group's order book backlog (as at the end of September 2015 plus new orders since) to S$305 million. These contracts are not expected to have a material impact on the profitability, earnings per share and net tangible asset value per share of the Boustead Projects Group in the current financial year ending March 31, 2016.

"These recent contract wins reflect the efforts we have made to secure clients in strategic niche sectors that require custom-built facilities with high technical specifications, as well as to diversify our business outside of Singapore and increase our overseas revenue," said Boustead Projects managing director Thomas Chu.

The award of the latest contracts in Malaysia comes shortly after Boustead Projects successfully delivered its first project in Malaysia for a global pharmaceutical firm at the Kulim Hi-Tech Park in Kedah within 15 months.