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Boustead Projects subsidiaries secure contracts worth S$67m

MAINBOARD-LISTED engineering company Boustead Projects said on Monday that two of its wholly-owned subsidiaries have secured S$67 million worth of contracts from repeat clients in Singapore and Vietnam.

This brings the total value of contracts secured by Boustead in FY18 to S$174 million, as the company continues its business development efforts both locally and overseas.

The first of these contracts - expected to be completed in 2019 - was awarded to Boustead Projects E&C Pte Ltd for the design-and-build of a logistics facility in Singapore.

The second contract was awarded to Boustead's Vietnamese arm for the design-and-build of a power solutions manufacturing facility expansion. This project is slated to be completed by the end of 2018.

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"Our latest contract in Singapore further extends our industry track record to nearly one million square metres of gross floor area constructed and developed in the logistics industry," Thomas Chu, managing director of Boustead Projects said. "In Vietnam, we are pleased to show that we are making progress there with our business development efforts and hope to continue expanding in a promising overseas market."

The latest contracts have also raised the Boustead Projects group's order book backlog to S$242 million, it said in an aftermarket filing on Monday.

Boustead Projects shares finished S$0.015 or 1.7 per cent lower at S$0.855 on Monday.