ISOTeam to upgrade Istana, Botanic Gardens as part of S$35m in new contracts

CATALIST-LISTED ISOTeam has beefed up its order book with fresh contracts amounting to S$35.4 million, the facilities maintenance specialist announced on Thursday evening.

Among the contract wins are two addition and alteration (A&A) projects totalling S$17.8 million.

These include development, upgrading and maintenance works for the Singapore Botanic Gardens, Jurong Lake Gardens, Fort Canning Park and the Istana, expected to be completed by December 2022.

The other A&A project is for carpentry works at a commercial building at 182 Clemenceau Avenue near Dhoby Ghaut, expected to be done by April 2020.

The rest of the new contracts comprise four repair and redecoration projects with a total contract value of S$16.3 million, to be completed by June 2021; two interior design projects totalling S$830,000, expected to be completed by December 2019; and two coating and painting projects totalling S$400,000, to be done by October 2020.

With the latest batch, the group has secured some S$86.7 million in new projects in FY2020 year to date, after the S$53.3 million in contract wins during Q1 FY2020 ended Sept 30.

Anthony Koh, executive director and chief executive officer, said on Thursday: "ISOTeam intends to ride on this momentum to actively tender for projects. We are hopeful that we will be able to pick up more jobs in the coming months."

The building maintenance and estate-upgrading company also owns 51 per cent of Singapore bicycle-sharing operator SG Bike.

Shares of ISOTeam fell 0.5 Singapore cent or 2 per cent to close at 24 cents on Thursday, before the announcement.