Boustead’s unit wins $60 mln deal to build FreePort

Boustead’s unit wins $60 mln deal to build FreePort


Boustead Singapore Limited on Monday said its 91.7 per cent-owned subsidiary, Boustead Projects Pte Ltd, has been awarded a $60 million turnkey contract to build Phase 1 of The Singapore FreePort, a state-of-the-art facility for The Singapore FreePort Real Estate Pte Ltd.


The FreePort, scheduled for completion in the fourth quarter of 2009, is an ultra-high security space for the safe and secure storage, display and trade of the world’s finest collections and valuables including fine art, jewellery, watches, diamonds.


Phase 1 will have a gross floor area of 22,500 square metres and will comprise strong rooms, huge vaults, showrooms, workshops, photo studios and private offices.


The contract is expected to have a positive material impact on the profitability and earnings per share of the company in the current financial year ending 31 March 2009.


However, the contract is not expected to have a material impact on the net assetvalue per share in the current financial year. — BT Newsroom


Source: Business Times


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