Boustead Projects Secures Record S\$400 Million Contract — Key Investor Insights

Summary of Key Developments

• Boustead Projects E&C Pte Ltd (BP E&C), a subsidiary of Boustead Singapore Limited (SGX: F9D), has been awarded its largest contract to date, valued at over S\$400 million.
• The contract was awarded by a public sector client for the construction of an office complex in Singapore.
• This is Boustead Group’s largest contract ever and represents a significant milestone in the company’s history.
• The contract is part of a momentum of wins: over the past month, Boustead Projects has secured three E&C contracts totaling over S\$550 million.
• As a result, the Real Estate Solutions Division’s order backlog has increased to S\$837 million, and the Group’s engineering order backlog has reached S\$1 billion.
• The new contract will be executed over three years, with most works to be carried out after the first year.
• The company does not expect a material impact on the Group’s profitability or earnings per share for FY2027, as revenue recognition will largely occur after the first year of the contract.
• BP E&C has a proven track record in public sector projects, including JTC Kranji Green and JTC semiconSpace@Tampines.

Recent Corporate Developments in Real Estate Solutions Division

The past 12 months have been marked by significant achievements for Boustead:

• April 2026: Secured the largest E&C contract to date (over S\$400 million) for a public sector office complex.
• March 2026: Won an E&C contract of over S\$100 million (in partnership with Lian Beng) for a 10-floor industrial development at Tukang Innovation Drive.
• March 2026: Secured a second-phase fit-out contract of over S\$50 million from a repeat Fortune 500 client.
• March 2026: Successfully listed UI Boustead REIT on the SGX Mainboard — the world’s largest REIT IPO of 2026 and the first such IPO in Singapore that year.
• March 2026: Completed divestment of interests in 21 Singapore assets to UI Boustead REIT.
• November 2025: Secured an E&C contract from a Tokyo Stock Exchange-listed corporation to reconfigure a semiconductor facility.
• May 2025: Boustead Projects and Lian Beng JV awarded a significant government land sales site at Tukang Innovation Drive.

Strategic Importance and Potential Share Price Impact

The award of Boustead Group’s largest contract ever, especially from a public sector client, is highly significant and could be price sensitive for several reasons:

• Enhanced Order Book: The Group’s engineering order backlog has hit S\$1 billion, providing strong revenue visibility and supporting future earnings growth.
• Reinforcement of Public Sector Credentials: The win underlines Boustead’s strong reputation and execution capabilities in large-scale, complex public sector projects, potentially opening further opportunities in government infrastructure.
• Momentum in Project Wins: The aggregation of over S\$550 million in new contracts within a month highlights a robust pipeline and continued market demand for Boustead’s services.
• Financial Impact: While the bulk of revenue and profit from this contract will be recognized after the first year, investors should note that the Group will enjoy a more substantial earnings contribution in FY2028 and beyond, supporting long-term share price appreciation.
• Recent REIT Listing: The successful listing of UI Boustead REIT, along with major asset divestments, provides further capital recycling opportunities and enhances financial flexibility for new projects.

However, shareholders should also consider that the immediate impact on earnings per share and tangible net asset value for the year ending 31 March 2027 will not be material, as most of the contract work — and thus revenue recognition — will occur after the first year of the contract.

About Boustead Singapore Limited

Established in 1828, Boustead Singapore Limited is one of Singapore’s oldest business organisations, focusing on infrastructure-related engineering and technology. Its Real Estate Solutions and Energy Engineering Divisions deliver sustainable, future-ready developments, while its Geospatial Division distributes Esri ArcGIS technology across Asia Pacific. Boustead has received multiple accolades, including the Forbes Asia 200 Best Under A Billion, various transparency and sustainability awards, and has a global project base in 95 countries.

Investor Relations Contact

For further information, investors may contact:
Mr Dominic Seow
Senior Manager, Corporate Marketing & Investor Relations
Tel: +65 6747 0016
Direct: +65 6709 8111
Email: [email protected]

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence and consult with professional advisors before making investment decisions. The information provided is based on public company announcements and may be subject to further updates or clarifications.

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