Boustead Singapore’s real estate solutions division has been awarded the tender to develop the Tukang Innovation Drive Plot A by JTC Corporation, together with its joint venture partners.
Boustead’s real estate division, known as BP-Innovue, will be providing development management services to deliver the project with its joint venture partners. This is the first project that has been secured since Boustead and Unified Industrial’s formation of the platform UIB.
The land parcel is under the Industrial Government Land Sales Programme (IGLS), the first to be awarded with an additional three years of lease making the total lease tenure 33-years. It was launched in December 2024.
The site is 18,687 square metres (sqm) with a proposed allowable gross floor area (GFA) of 46,717.5 sqm, and will be developed into a multi-user industrial facility with heavy vehicle parking.
Boustead says that the development of this site is not expected to have any material impact on the profitability, earnings per share and net tangible asset value per share of the group in the current financial year ending March 2026.
Shares in Boustead closed 3 cents lower or 2.632% down at $1.11 on May 30.
