Soilbuild Construction bags contract to build warehouse

MAINBOARD-LISTED Soilbuild Construction Group has won a contract from Soilbuild Reit to build a warehouse development in Pioneer.

The contract will either be worth approximately S$75.8 million based on a plot ratio 1.0 design scheme for a contract period of 14 months, or around S$78.2 million upon approval from the relevant authorities to convert the plot ratio to a 1.32 design scheme for a contract period of 16 months, said the group in a statement on Thursday.

The award of the project is subject  to approval by the unit holders of Soilbuild Reit at its extraordinary general meeting scheduled on April 24. 

Soilbuild Construction said the project is "in the ordinary course of business" for the group, and is not expected to have a material impact on its consolidated net tangible assets per share and consolidated earnings per share for the financial year ending Dec 31, 2020. 

Soilbuild Construction shares closed flat at six Singapore cents on Thursday.