Boustead became a key investor in the Straits Trading Company, which was Singapore’s first tin foundry and a 20% owner of the Tanjong Pagar Dock Company, which developed the wharves, docks and godowns of Keppel Harbour that eventually became the Port of Singapore Authority.
Edward Boustead was also the editor and co-founder of the Singapore Free Press, the forerunner of Singapore’s main daily broadsheet, and a founding member of the Singapore International Chamber of Commerce, the oldest chamber of commerce in South East Asia, and chief promoter of Singapore’s national interests.
Over the decades, Boustead attracted some well-recognised brands for agency rights in Singapore and regionally. Among the brands that Boustead had agency rights for include Cadbury’s, Del Monte, Gillette, Johnnie Walker, Moët & Chandon, Nestle, Procter & Gamble and Ovaltine. In time, though, the agency business faded as the brands started their own local offices to take over the network built by Boustead.
In 1977, Boustead became the exclusive distributor of Esri products in Australia, Singapore, Malaysia, Indonesia, Bangladesh, Brunei and Timor-Leste. Boustead remains one of the top three distributors in Esri’s global network and one of the fastest-growing. As one of four divisions at Boustead, this is a key pillar of the group.
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Geospatial company Esri builds the leading mapping and spatial analytics software designed to support the mission and business objectives of organisations around the globe. Esri is used for operational intelligence, market and competitive analysis, risk assessment, real-time situational awareness, and business continuity.
Jack Chia-MPH took over Boustead in 1993. Current chairman & group CEO, Wong Fong Fui, acquired a controlling stake in Boustead from Jack Chia-MPH in 1996.
Wong kept Esri and started Boustead Projects, which provides industrial real estate solutions, including development. Boustead Projects has a design-and-build and design-build-and-lease arrangement strategy for industrial facilities in Singapore.
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Wong added Boustead International Heaters, which is a specialist in designing, engineering and supplying direct-fired process heaters and waste heat recovery units to the downstream oil & gas/petrochemical industries.
Boustead diversified into a fourth business, Boustead Medical Care (BMEC) Holdings, under Wong. BMEC provides niche innovative medical solutions that address age-related chronic diseases and mobility issues, with a focus on rehabilitative care, sleep care and sports science. At present, healthcare is the smallest contribution to revenue and does not contribute to earnings.
Geospatial is the largest division. In FY2025 ended March, geospatial contributed 42% to revenue, 45% to operating profit, and 43% to net profit. Real estate contributed 25% to revenue, 32% to operating profit and 38% to net profit. Energy (Boustead International Heaters) contributed 30% to revenue, 23% to operating profit and 19% to net profit.
In FY2025, Boustead secured approximately $377 million in new engineering contracts and major variations, more than double the figure secured in FY2024. In FY2025, geospatial revenue rose by 4.4% y-o-y to $221.4 million. Operating profit was 28% higher and the division expanded to Malaysia and Indonesia.
Real estate revenue fell by 64% y-o-y to $134.3 million. However, operating profit was 117% higher at $37.8 million, due to a one-off $29 million gain.
Engineering revenue and operating profit were 9% and 14% lower y-o-y in FY2025 at $158.9 million and $26.8 million, respectively, on a lower order backlog carried forward at the end of FY2024. Healthcare made a small operating profit in FY2025, reversing a loss in FY2024.
In June this year, Boustead announced a review, possibly selling some of its real estate assets into a REIT. “This strategic review process is part of the company’s ordinary course of business to periodically consider options and opportunities in respect of its investments to unlock shareholder value, and there is no certainty that any transaction will materialise as a result of this process.” Despite the qualifying statement from Boustead, this announcement came amid growing interest in local small and mid caps, as part of an overall buoyant market, and Boustead shares, which has been thinly traded for years, attracted more trading interest.
Boustead, which was founded in the 19th century, is very much part of the 21st century, facing the inevitable challenge of climate change, tariffs and geopolitical problems.
