SINGAPORE: Boustead Projects Limited, a leading specialist in smart eco-sustainable real estate solutions, announced that its wholly-owned design and-build subsidiary in Malaysia, BP Engineering Solutions Sdn Bhd has secured a significant design-and-build contract to deliver an advanced high-tech industrial facility in Penang, Malaysia.

The client is the local unit of a global technology corporation. The Facility is a single-floor advanced high-tech manufacturing facility integrated with a four-floor office building, comprising up to 75,000 square metres in buildable area. The Facility is expected to be completed by the first half of calendar year 2021. The contract extends Boustead Projects’ track record in delivering high-end facilities for the technology industry to over 584,000 square metres.

Mr Thomas Chu, Managing Director of Boustead Projects said, “We have been working very hard on the business development front in Malaysia and are therefore pleased to have secured what is a  significant design-and-build contract in terms of scope and size. I am also pleased with how we continue to extend our track record in the high-value technology sector, where we have demonstrated how our progressive and technology driven approach in integrated digital delivery meets stringent stakeholder requirements. This contract award is also timely for us in how it coincides with the Malaysia Government’s decision to cautiously and gradually reopen the nation’s economic sectors beginning from 4 May 2020.”

Mr Chu added, “While much uncertainty remains given the fluidity of the global COVID-19 pandemic, we have implemented the necessary measures within our regional operations to ensure business continuity to the greatest extent possible, while complying with all applicable regulations and safeguarding the wellbeing, health and safety of our team, subcontractors’ workers and other relevant stakeholders.”

The latest contract has raised the Boustead Projects Group’s order book backlog to S$710 million (unrecognised project revenue remaining at the end of September 2019 plus the total value of new orders secured since then).

The above contract is expected to have a positive material impact on the profitability and earnings per share of the Boustead Projects Group in the current financial year ending 31 March 2021 (“FY2021”). However, it is not expected to have a material impact on the Boustead Projects Group’s net tangible asset value per share for FY2021.