Boustead Projects Secures S\$100 Million Engineering & Construction Contract for Landmark Ramp-Up Industrial Facility at Tukang Innovation Drive, Singapore

Key Highlights

• Contract Value: Boustead Projects E&C Pte Ltd awarded a contract exceeding S\$100 million.
• Development: Construction of a 10-storey ramp-up industrial facility at Tukang Innovation Drive, Singapore, zoned for Business 2 use.
• Joint Venture: Project is a 50-50 JV between Boustead Projects Limited’s BP-Innovue Pte Ltd and Lian Beng Group’s SLB Development Ltd.
• Development Management: UIB and Lian Beng will jointly manage the delivery of the project.
• Facility Features: Over 260 strata-titled industrial units with flexible configurations, tailored for heavy industrial operations. Dedicated heavy vehicle parking included.
• Site Details: 18,687 sqm land area, proposed gross floor area of 46,717.5 sqm.
• Timeline: Construction expected to complete within 24 months.
• Order Backlog: Raises Real Estate Solutions Division’s order backlog to S\$402 million; Boustead Group’s engineering order backlog to S\$566 million.

Detailed Article

Boustead Singapore Limited announced today that its subsidiary, Boustead Projects E&C, is the recipient of a major engineering and construction contract worth more than S\$100 million. The contract involves the development of a 10-storey ramp-up industrial building at Tukang Innovation Drive, strategically located in Singapore and zoned for Business 2 use.

The awarded project is under a joint venture arrangement, with Boustead Projects’ BP-Innovue Pte Ltd and Lian Beng Group’s SLB Development Ltd sharing equal ownership. Both companies had previously secured the JTC land tender for this project in May 2025. Development management services will be jointly provided by UIB—a Pan-Asian logistics and industrial real estate platform formed in March 2025—and Lian Beng Group.

According to Mr. Thomas Chu, Managing Director of Boustead Projects E&C, “We are honoured to be awarded the E&C contract to deliver high-quality industrial development at Tukang Innovation Drive, and are excited to partner Lian Beng in this joint venture. This is our first partnership with Lian Beng, and we hope this marks the first of many more meaningful collaborations to come.”

The facility is designed to accommodate heavy industrial operations, with over 260 strata-titled units offering flexible configurations. The project will cover 18,687 square metres of land, with a proposed gross floor area totaling 46,717.5 square metres. A key feature is the inclusion of dedicated heavy vehicle parking, enhancing the appeal for logistics and industrial tenants.

The site is strategically positioned with direct access to the Ayer Rajah Expressway and surrounded by established amenities, which are anticipated to boost business efficiency and aid companies in attracting skilled talent.

Financially, this contract is significant as it boosts Boustead’s Real Estate Solutions Division’s order backlog to S\$402 million and the Group’s overall engineering order backlog to S\$566 million. This figure includes unrecognised project revenue announced in Boustead’s 1H FY2026 Financial Results, plus new orders secured since then.

Shareholder Considerations and Potential Price Sensitivity

• Order Backlog Increase: The substantial rise in Boustead’s order backlog demonstrates strong project pipeline visibility and may positively influence investor sentiment.
• JV Partnership: First-time collaboration with Lian Beng Group could signal future growth opportunities and expanded capabilities for Boustead Projects.
• Strategic Asset: The large-scale, modern industrial facility adds to Boustead’s portfolio of high-value assets, potentially enhancing long-term recurring income streams.
• Financial Impact: Despite the contract’s size, management has indicated that it is not expected to have a positive material impact on the profitability, earnings per share, or tangible net asset value per share for the financial year ending 31 March 2026. Investors should temper expectations for immediate earnings uplift.

About Boustead Singapore Limited

Established in 1828, Boustead Singapore Limited (SGX:F9D) is a global Infrastructure-Related Engineering and Technology Group with a legacy as Singapore’s oldest continuous business organisation. Boustead focuses on engineering and development of key infrastructure supporting sustainable growth, with services spanning energy infrastructure, smart real estate solutions, geospatial technology, and healthcare innovations.

Boustead operates in 95 countries and territories, and has received numerous awards for transparency, sustainability, growth, and corporate excellence, including the Forbes Asia 200 Best Under A Billion, Most Transparent Company Award, and recognition in Fortune Southeast Asia 500.

Contact Information

For investor and media enquiries:
Mr Dominic Seow
Senior Manager, Corporate Marketing & Investor Relations
T: +65 6747 0016
D: +65 6709 8111
E: [email protected]

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities. Investors should conduct their own due diligence or consult with a qualified financial advisor before making investment decisions. The information presented reflects public announcements from Boustead Singapore Limited as of the reporting date and may be subject to change.

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