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Boustead Projects


Second Wing

Boustead Projects was spin-off from Boustead Singapore in 2015 and is in the business of design, build and development of industrial facilities & parks for sale or lease.

Businesses are segmented into: 

  • Design & Build 

  • Real Estate 

  • Investment

Business - FY-March

The strong uptick in revenue in FY20 was due to:

  • Design & Build order backlog carried over from FY19

  • Higher Real Estate revenue from commencement of new leases 

  • Improved management fee from Boustead Development Partnership

In FY21, Covid-19 pandemic impacted Design & Build activities hitting margin especially hard due to new rules to manage the spread of virus, supply-chain disruption, higher labour & material cost.  

Real Estate portfolio remained healthy, growing 7%. Divestment of 14 leasehold properties to Boustead Industrial Fund enable the sector to record a gain of $135M. 

Operating profit recorded a loss of $2M. Net profit of $132M was due to one-off BIF mentioned earlier and $11M gain from associates. 

Further to formation of BIF, Boustead Projects intend to form a KTG & Boustead Industrial Logistics Fund (KBILF) to acquire seed assets amounting to $141M. 

Singapore remained BP largest market. Malaysia notable increase in business was for a high-tech manufacturing & office facility for a Fortune 500 company in Penang. 


Real Estate and Investment will provide Boustead Projects a steady income source in a cyclical industry. Free cashflow generated will provide the company a competitive advantage to acquire valuable assets at an opportune time or to tide through difficult industry cycles.

With Singapore gradual reopening of borders, outlook for the firm should improve at a measured pace as well. 

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