STABLE FOUNDATION

Annual Report 2022

STABLE

FOUNDATION

With a stable foundation created over the years, Boustead Projects delivered a credible performance in FY2022 in the face of multi-faceted challenges.

Following the record profit in FY2021 which was boosted by the Boustead Industrial Fund ("BIF") value-unlocking transaction one-off gain of S$134.8 million ("BIF Value-Unlocking Gain"), our focus for FY2022 was to remain profitable amid the challenging business environment, and to progressively complete pre-pandemic projects that had faced unprecedented pandemic-related cost escalations. Under the guidance of the Board and the leadership of senior management, we were able to prevail during this difficult period and achieved a net profit of S$11.3 million. After adjusting for the BIF Value-Unlocking Gain, net profit compared favourably to the post-adjustment loss of S$3.2 million for FY2021, due largely to the commitment and focus of our management team. Our team's commitment and dedication have allowed us to adapt to the challenges and stay focused on creating value for our stakeholders.

During FY2022, we continued to embrace various ConTech and PropTech initiatives to improve productivity and reduce reliance on labour, and forged ahead with our regional expansion plans to build a stronger presence in Vietnam. Having built a stable foundation on which we will gradually recover from the pandemic, we possess the financial strength and resilience to embrace multiple opportunities in the future.

Cover-to-Cover - See the Bigger Picture

This year, Boustead Projects Limited shares about our stable foundation which has helped us prevail in challenging times, while Boustead Singapore Limited shares about their fundamentally robust businesses.

Scan or download the Annual Report at www.bousteadprojects.com.

Corporate Profile

Contents

Established in 1996 and listed on the SGX Mainboard, Boustead Projects Limited (SGX:AVM) is a leading provider of innovative eco-sustainable real estate solutions with a regional presence across Singapore, China, Malaysia

and Vietnam. Our core businesses are uniquely integrated to support the ecosystem of diversified classes of real estate, comprising:

  • Turnkey engineering, full-fledged integrated digital delivery ("IDD"), and project and construction management encompassing design-and-build;
  • Real estate development, asset and leasing management; and
  • Real estate fund management including being the sponsor and manager of Boustead Industrial
    Fund, a scalable private real estate trust platform for business park, logistics and industrial properties, and joint owner of Echo Base-BP Capital Pte Ltd, an Asia-centric fund management and services platform focused on smart buildings and integrated developments.

To date, we have constructed and/or developed more than 3,000,000 square metres of real estate for clients including Fortune 500, S&P 500 and Euronext 100 corporations, across diverse sectors like aerospace, business park, food, healthcare and pharmaceutical, high-tech manufacturing, logistics, research

  • development, technology and waste management, among others. Under the Boustead Development
    Partnership with a reputable Middle
    East sovereign wealth fund, we have developed or redeveloped more than half a million square metres of real estate in Singapore including landmark developments like ALICE@Mediapolis and GSK Asia House.

Our in-house capabilities are backed by core engineering expertise, the progressive adoption of transformative methodologies including full-fledged IDD and Industry 4.0 technologies and augmented by strategic partnerships which enable the co-creation of smart, eco-sustainable and future-ready developments. Our wholly-owned Engineering & Construction subsidiary in Singapore, Boustead Projects E&C Pte Ltd ("BP E&C") is the eco-sustainability leader in pioneering Green Mark Platinum-rated new private sector industrial developments under the Building & Construction Authority ("BCA") Green Mark Certification Scheme and a national champion of best practices for transformation, quality, environmental, and workplace safety and health ("WSH") management.

BP E&C's related achievements include being the first SkillsFuture Queen Bee for the built environment sector, quality leader on the BCA CONQUAS all-time top 100 industrial projects list and one of only eight bizSAFE Mentors, receiving numerous awards for exemplary WSH performance.

We were awarded the Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 Special Edition, a recognition of our best practices in corporate governance and leadership, innovation and resilience during the COVID-19 pandemic. We were also awarded the Singapore Corporate Governance Award in the Newly Listed Category at the Securities Investors Association (Singapore) Investors' Choice Awards 2017 and are one of only 92 SGX-listed corporations on the SGX Fast Track Programme.

Boustead Projects is a 54%-owned subsidiary of Boustead Singapore Limited (SGX:F9D), a progressive global infrastructure-related engineering and technology group which is separately listed on the SGX Mainboard.

Visit us at www.bousteadprojects.com.

Overview

08

Mission, Vision & Business Model

08

Asia Presence

10

Group at a Glance

-

Overall Financial Performance

12

-

Business Financial Performance

14

-

Socio-Economic & Sustainability

Performance

16

Letter to Shareholders

22

Strategic Review

26

Engineering & Construction

26

Real Estate

32

Strategic Partnerships &

Investments

40

Quality, Safety &

Sustainability Awards

44

Board of Directors

46

Key Management Team

48

Stakeholder Relations

50

Corporate Information

52

Financial Statements

53

Directors' Statement

54

Corporate Governance

59

Independent Auditor's Report

90

Consolidated Statement of

Comprehensive Income

94

Management & Principal Activities

172

Statistics of Shareholdings

174

Notice of Annual General Meeting

176

Proxy Form

183

ENGINEERING & CONSTRUCTION

PROGRESSIVE METHODOLOGIES

Boustead Projects has delivered progressive methodologies as Singapore's pioneer of the design-and-build and design-build-and-lease methodologies for the real estate sector, and as a transformative technologies innovator in Asia's built environment sector.

Wilmar International HQ, one-north, Singapore.

TRACK RECORD

Our Engineering & Construction Business has delivered:

Our full-fledged integrated digital delivery approach is guided by Industry 4.0 transformation standards and incorporates 7D building information modelling, virtual design and construction, and design for manufacturing and assembly. Our progressive adoption of transformative technologies - known as ConTech and PropTech - includes 3D scanning, artificial intelligence and machine learning, augmented reality and virtual reality, data analytics and drone technology. These market-leading capabilities are complemented by our green building credentials and supported by robust quality, environmental, health and safety management systems.

22%

of all BCA Green Mark Platinum-rated new private sector industrial developments.

12%

of the BCA CONQUAS all-time top 100 industrial projects list.

Read more on pages 26 to 31.

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Boustead Projects Ltd. published this content on 05 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2022 01:02:10 UTC.