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Shares of Boustead Singapore, Boustead Projects up on $200 mil contract win

PC Lee
Updated

SINGAPORE (Jan 21): Shares of Boustead Singapore and Boustead Projects rose on Monday morning.

This follows Boustead Singapore’s Friday night announced that Boustead Projects, its 53% owned subsidiary, had won a contract worth over $200 million to design and build Surbana Jurong Campus.

As at 10.49am, Boustead Singapore shares are up 1.9% to 80.5 cents with 419,000 units of traded while Boustead Projects shares are up 2.3% to 90 cents with 36,000 units traded.

Located at the 600ha Jurong Innovation District, Surbana Jurong Campus will be the integrated advanced development and global headquarters for the Surbana Jurong group.

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The contract is Boustead Projects’ largest private sector project to date.

The award of the latest contract has raised the Boustead Group’s order book backlog to approximately $860 million, which consists of unrecognised project revenue remaining at the end of September 2018 plus the total value of new orders secured since then.