ISOTeam bags S$32.5m in new contracts amid 'gloomy backdrop'

CATALIST-LISTED building-solutions firm ISOTeam on Friday said it has secured S$32.5 million in new projects, bringing its total tally of new contracts in FY2020 so far to S$139.17 million. 

The group said the latest round of contract wins is "a bright light against the otherwise gloomy backdrop brought on by the Covid-19 pandemic", which has hit many industries, including the construction sector. 

As it is, Singapore's construction sector is expected to contract sharply by 10.3 per cent this year in real terms, said Fitch Solutions. 

Anthony Koh, ISOTeam executive director and chief executive officer, noted that the contract wins are led by public-sector projects, which the group expects to be the case in the near- to mid-term.

This comes as the government tries spur recovery in the construction and its related sectors with more projects in maintenance and upgrading programmes, he noted. "We are committed to pursue every tender opportunity to maintain our healthy order-win momentum." 

ISOTeam's latest projects, to be fulfilled between 2020 and 2024, include two mechanical and electrical projects with a total contract value of around S$15.2 million. They are expected to be completed by February 2024. 

The group will also helm three addition-and-alteration projects, including a neighbourhood-renewal programme and works to eight blocks in Yishun Avenue 6 and Avenue 11. These projects have a total contract value of around S$10.12 million and are expected to be done by November 2021. 

Separately, the group will embark on four repair-and-redecoration projects with a total contract value of about S$5.84 million. They are expected to be done by June 2021, and include works to 25 blocks in Jurong West Street 81. 

As for this year, the group will work on three coating-and-painting projects with a total contract value of around S$700,000; these are expected to be done by October.

It will also helm a landscaping project with a contract value of around S$640,000, expected to be completed by November. 

With the easing of "circuit-breaker" measures here on June 2, some of the group’s project sites have gradually resumed operations; other sites are awaiting approval from the Building Construction Authority to resume work. 

The group said it will continue to adhere to all safe-distancing measures as recommended by the authorities. 

"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 ride through this challenge," said Mr Koh.

Shares of ISOTeam closed flat at 14 Singapore cents on Friday.