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Figtree Holdings bags S$43.5m design and build contract

CATALIST-LISTED Figtree Holdings has secured a S$43.53 million design and build contract for a food processing facility, the commercial and industrial real estate solutions provider announced on Monday after market close.

Under the contract with Singapore chilled and frozen pork processor and distributor OJJ Foods, Figtree unit Figtree Projects will design and build a six-storey food processing facility with a gross floor area of about 18,000 square metres, located at Chin Bee Avenue in Singapore.

The facility will comprise a fully-automated ASRS (automated storage and retrieval system) warehouse, chiller and freezer cold rooms, central kitchen, and other production and ancillary offices.

Construction is expected to start in the fourth quarter of 2019 and be completed in the third quarter of 2021.

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Figtree said the contract will contribute to its revenue, but is not expected to have a material impact on its earnings per share and net asset value per share for the current financial year ending Dec 31, 2019.

Figtree shares closed up 1.1 Singapore cents or 10.28 per cent at 11.8 Singapore cents on Monday before the announcement.