ISOTeam clinches seven new contracts worth S$52.6m

CONSTRUCTION company ISOTeam has secured seven new contracts totalling S$52.58 million which it expects to complete between June 2018 and September 2019.

The haul includes two addition and alteration (A&A) projects. The first, scheduled for completion by March 2019, is a S$46.54 million project to convert the existing retail, theatre lobby and theatre 2 at the Marina Bay Sands (MBS) integrated resort into a nightclub and restaurant cum bar, with ancillary live entertainment across multiple floors at the resort (see amendment note). The second A&A project is for the development of a park connector at Tanjong Rhu Promenade.

Another set of projects won - all scheduled to be completed by mid to end-2018, includes one interior design project valued at S$2.34 million, two repairs and redecoration (R&R) projects with a total value of S$0.91 million, and two coating and painting (C&P) projects worth a combined S$0.44 million.

Chief executive Anthony Koh said the MBS project marked the "single largest project" ISOTeam has secured in its history, and the third project awarded.

"This is a testament to the trust and confidence that the group has gained, given our track record of A&A and interior design works for F&B (food and beverage) outlets in MBS such as The Bird and Lavo," he said.

Mr Koh added that with the seven new contracts, ISOTeam has a "strong order book" and clear revenue visibility into 2019.

The company does not expect the projects to have a significant impact on its financials for the current financial year ended June 30, 2018.

Amendment note:

Earlier, we said S$46.54 million was the combined value of the MBS project and another project in Tanjong Rhu. This is incorrect.