Boustead subsidiary wins S$107m integrated facility project

Industrial real estate firm Boustead Projects has been awarded a S$107 million contract to design and build a manufacturing and support facility for one of the world’s leading power systems corporations.

The largest industrial real estate solutions contract secured by Boustead Projects to date, the Facility will have a gross floor area of approximately 28,000 square metres, spread across two floors. The Facility will incorporate a large-scale advanced manufacturing setup and clean rooms. It will be located at the Seletar Aerospace Park in Singapore.

With completion slated for the end of 2010, the Facility is earmarked to be the first building in the SAP to attain Green Mark Platinum. The SAP is a 300-hectare aerospace park which is being developed in Singapore to support Singapore’s rapidly growing aerospace industry. The SAP is currently home to more than 20 global aerospace corporations involved in activities related to aerospace maintenance, repair and overhaul, aviation systems and components design and manufacturing, general aviation businesses and activities and aerospace training institutes for pilots, professionals and technical personnel.

Mr Thomas Chu, Managing Director of Boustead Projects said, “It is an honour for Boustead Projects to design-and-build an advanced integrated facility for one of the world’s most respected names in power systems. We were selected by the client after progressing through a very stringent selection process which involved competition against many large international competitors. The facility will be a world-class showcase for our client and also boost Singapore’s reputation as the leading aerospace hub in the Asia Pacific.”

The above contract is not expected to have a material impact on the profitability,earnings per share or net asset value per share of Boustead in the current financial year ending 31 March 2010. However, the above contract is expected to have a positive material impact on the profitability and earnings per share in the next financial year ending 31 March 2011.

None of the Directors or controlling shareholders of Boustead has any interest, direct or indirect, in the above contract.