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ISOTeam bags S$22.7m worth of new projects

11 January 17 | The Business Times


CATALIST-LISTED building maintenance firm ISOTeam on Tuesday announced that it has secured S$22.7 million worth of new projects in the new year.

The new contracts - a mix of R&R (repairs and redecoration) and A&A (addition and alteration) projects - are expected to be completed between January this year and June 2018.

They also include a renewable energy installation job which is worth about S$6.3 million - ISOTeam's third such project and single largest project won to-date. It involves installation work for the solar leasing of grid-tied solar photovoltaic system for 150 blocks.

The group's first two renewable energy projects include the installation of grid-tied solar photovoltaic systems on the roofs of 33 blocks at Tampines worth approximately S$1.8 million, and a S$0.20 million contract to install emergency fuel cell operating power systems as back-up power generators for lifts of HDB blocks at Punggol.

Anthony Koh, chief executive officer of ISOTeam, said: Renewable energy is fast becoming a reality in Singapore given the strong support from the government. In October 2016, a tender for a total capacity of 40 MWp worth approximately S$100 million was called, and more tenders are expected to be called over the next four to five years.

With the track record and experience ISOTeam is amassing now, we believe we are in a good position to tap these immediate upcoming opportunities.

Other notable projects won by ISOTeam include R&R works to Tekka Centre worth S$3.29 million, and the proposed new erection of a three-storey envelope control detached house with a basement, attic and swimming pool at 106 Watten Estate Road worth S$3.25 million.

On Tuesday, ISOTeam's shares added 3.797 per cent or 1.5 Singapore cents to close at 41 Singapore cents.