ISOTeam secures $19m in new contracts

Wins 7 public and private contracts.

ISOTeam Ltd. (ISOTeam) announced that it has secured seven new contracts worth a total of $19.0 million.

Riding on the continued strong wave of demand for R&R works in Singapore’s public sector, the Company’s wholly-owned subsidiary, TMS Alliances Pte. Ltd., won contracts for 10 blocks of HDB flats at Bedok North Avenue 3 and Street 2 by the East Coast Town Council, 14 blocks of HDB flats in Bukit Batok East Division by the Jurong Town Council and 26 blocks of HBD flats at Pasir Ris Drive 1, 3 and 10 by the Pasir Ris-Punggol Town Council totalling $8.1 million.

Maintaining its leadership position in the Neighbourhood Renewal Programme (NRP) segment, the Group, through its wholly-owned subsidiary, ISO-Team Corporation Pte Ltd, also secured an NRP and electrical upgrading project at Jurong West Street 91 awarded by the Chua Chu Kang Town Council, worth approximately $10.3 million.

The Group also said it made headway on its expansion into the Management Corporation Strata Title (MCST) segment, an area that is as yet untapped for them. ISO-Team Corporation Pte Ltd was awarded three contracts for R&R works to mix residential cum commercial building, The Plaza, as well as two private residential projects, Serenity Park and Treetop Executive Residences, worth approximately $0.6 million in total.

The above projects are expected to be completed between November 2013 and October 2015 with the longest being the NRP and electrical upgrading project at Jurong West Street 91, which commences this month and is scheduled to finish in October 2015.

Mr Anthony Koh, Executive Director and Chief Executive Officer of ISOTeam, said: “This has been a good year for ISOTeam, not only did we successfully list on 12 July 2013. Our order win momentum has been very healthy. We secured three new contracts in August 2013 worth $10.9 million and now we are announcing seven more contract wins, making it a total of $29.9 million worth of contracts won post-IPO.”

“Several of these projects are awarded by repeat customers, such as the Pasir Ris-Punggol Town Council, and it is a true testament to the confidence that our customers have in our ability to complete the projects on time, within budget and with the highest standards.”

The Group expects some of the projects in this current round of contract wins to have a positive impact on the consolidated net tangible assets per share and earnings per share of the Group for the current financial year ending 30 June 2014.