Boustead Projects, YCH reach settlement over S$2.3m Supply Chain City lawsuit

MAINBOARD-LISTED Boustead Projects has amicably resolved a lawsuit filed against it in November 2018 by YCH Holdings, it said in a bourse filing on Tuesday.

Both parties entered into a settlement on May 24 without any admission of liability. The court granted leave to discontinue the lawsuit on June 1.

Supply chain solutions company YCH initially sued the industrial real estate solutions provider for an alleged breach of its contractual obligations relating to development project Supply Chain City.

The alleged breach was said to have occurred between 2012 and 2014.

Supply Chain City, which is located in the Jurong Innovation District, has an equivalent gross floor area of two million square feet and contains modern features such as radio-frequency identification and an automated storage retrieval system for cargo.

YCH had asked the High Court to assess damages in respect to the alleged breach, or alternatively, award damages in tort in the sum of S$2.335 million.

Boustead Projects, which did not disclose the settlement amount, said it will provide further updates in relation to the lawsuit.

Shares of Boustead Projects closed at 75.5 Singapore cents on Monday, up 1.5 cents or 2 per cent.