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ISOTeam clinches S$26.3m contract from HDB

BUILDING maintenance and estate upgrading company ISOTeam has been awarded a second Home Improvement Programme (HIP) project from the Housing and Development Board (HDB). 

The project is expected to be completed by June 2020 and has a contract value of around S$26.3 million. The upgrading works are for 35 HDB blocks across four precincts in Tampines, Jalan Bukit Merah/Silat Avenue and Kim Tian Place.

Chief executive Anthony Koh said that two of the group’s subsidiaries, Raymond Construction and ISOTeam Corporation, are qualified to tender for HIP projects.

He added: "With our growing track record in this area, the extension of the HIP scheme to around 230,000 HDB flats built between 1987 and 1997, and the introduction of HIP II, where every HDB flat is to be upgraded twice in its 99-year lease period, we are hopeful that there will be more HIP opportunities for ISOTeam in time to come.”

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In January 2017, ISOTeam clinched its first HIP contract valued at S$17.5 million for work on 19 HDB blocks.

Shares of ISOTeam closed flat at S$0.20 on Wednesday before the contract win was announced.