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Boustead Projects wins contracts worth S$59m

Boustead Projects, a real estate solutions provider, has clinched two contracts worth S$59 million in Singapore.

One contract involves the delivery of an integrated production and office facility for JEP Precision Engineering Pte Ltd at the Seletar Aerospace Park while the other is for an integrated production, logistics and office facility for Markono Print Media Pte Ltd at Pioneer Crescent.

Both projects are expected to be completed in the fourth quarter of 2016.

These new contracts will raise Boustead Projects group's order book backlog (as at the end of June plus new orders since) to S$273 million.

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In a statement, the firm, which is 51 per cent owned by Boustead Singapore, said the contracts are not expected to have a material impact on its profitability, earnings per share and net tangible asset value per share in the current financial year ending March 2016.

Shares of Boustead Projects closed 1.5 Singapore cents or nearly 2 per cent lower at 77.5 Singapore cents on Tuesday.