ISOTeam secures S$32.50 million in new contracts despite slowing economy
ISOTeam Ltd. (“ISOTeam” or together with its subsidiaries, the “Group”), an established and leading player in Singapore’s building maintenance and estate upgrading industry has won S$32.50 million worth of new projects, bringing its tally of new contracts won by the Group year-to-date in FY2020 to S$139.17 million.
To be fulfilled between 2020 and 2024, the Group sees the recently won projects as a bright light against the otherwise gloomy backdrop brought on by the Covid-19 pandemic, which has gripped many economies.
Executive Director and Chief Executive Officer, Mr Anthony Koh (许统发) said: “Covid-19 has affected the global economy and many businesses badly. We are thankful that we were able to clinch new projects even during this time when everyone is preparing to hunker down for a recession. This latest round of contract wins is led by public sector projects, which we expect to be the case in the near to mid-term as historically the government will try to spur recovery in the construction its related sectors with more such projects and also more maintenance and upgrading programmes. We are committed to pursue every tender opportunity to maintain our healthy order win momentum.”
The new projects comprise:
- 2 Mechanical and Electrical projects with a total contract value of approximately S$15.20 million, which are expected to be completed by February 2024;
- 3 Addition and Alteration projects, including a neighbourhood renewal programme project and works to 8 blocks at Yishun Avenue 6 and 11, which have a total contract value of approximately S$10.12 million, which are expected to be completed by November 2021;
- 4 Repair and Redecoration projects with a total contract value of approximately S$5.84 million, which are expected to be completed by June 2021 and includes works to 25 blocks at Jurong West Street 81;
- 3 Coating and Painting projects with a total contract value of approximately S$0.70 million, which are expected to be completed by October 2020; and
- 1 Landscaping project with a contract value of approximately S$0.64 million, which is expected to be completed by November 2021.
With the easing of the Circuit Breaker measures on 2 June 2020, some of the Group’s project sites have gradually resumed operations while other sites are pending approval from BCA to resume work.
Said Mr Koh, “Our top priority remains the well-being of our workers and ISOTeam will continue to strictly adhere to all safe distancing measures recommended by the authorities as we begin work on our various sites. Covid-19 has indelibly changed the way companies operate. Under this “new normal”, we are driven to be more productive and deploy our resources more efficiently in order to survive and thrive. We are confident that we have what it takes to do ride through this challenge.”
