Boustead wins $60m deal to build high-security facility

Boustead wins $60m deal to build high-security facility


BOUSTEAD Singapore has clinched a $60 million project to build the first phase of a high-security facility – known as The Singapore FreePort – for the storage, display and trade of the world’s finest collections and valuables.


Shareholders of FreePort – which has been described as a Fort Knox state-of-the-art facility – include the Singapore National Arts Council and the National Heritage Board.


The contract for the facility – for collections and valuables including fine art, jewellery, watches, diamonds, precious metals, antiques, vintage cars, wines, cigars, carpets and confidential archives – boosts Boustead’s order book to $560 million.


The project, which Boustead won through its 91.7 per cent-owned industrial real estates unit Boustead Projects Pte Ltd will be completed in Q4 2009.


The FreePort was conceptualised and designed by Atelier d’Architecture 3BM3 led by Swiss architect Carmelo Stendardo.


It will be directly connected to Changi Airport for the rapid and safe transfer of collections and valuables. With a gross floor area of about 22,500 square metres for Phase 1 (and an additional 24,000 sq m for Phase 2 to be completed in 2011), the FreePort will comprise strong rooms, huge vaults, showrooms, workshops, photo studios and private offices. It will also boast cutting-edge building security technology from Siemens and the latest innovations in environmental sustainability.


Two international contemporary renowned designers – Johanna Graw-under and Ron Arad – have been commissioned to develop the entire external and internal lighting system based on LED technology, as well as the design of the lobby, showrooms and furniture, which will provide the facility an iconic and futuristic environment.


Heralding the arrival of the FreePort, Yves Bouvier, chairman and co-founder of The Singapore FreePort Pte Ltd, said that the FreePort would be the ultimate facility to house the finest world collections and would strengthen Singapore’s reputation as one of the world’s leading financial centres.


‘With a round-the-clock free trade zone made accessible to non-residents, we will provide the ideal environment for total confidentiality and secure tax-free storage, display and transactions,’ he said.


The latest contract is expected to have a positive material impact on the profitability and earnings per share of Boustead in the current financial year ending March 31, 2009. However, the contract is not expected to have a material impact on the net asset value per share in the current financial year.


Source: Business Times

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