Seagate Singpore R&D Center, The Shugart, Designed by Boustead Projects

Boustead
Singapore Limited announced that its wholly-owned subsidiary,
Boustead Projects Pte Ltd,in industrial real estate solutions, has been awarded its
largest contract to date to design and build the Seagate Singapore
Design Center, The Shugart for Seagate Singapore International
Headquarters Pte Ltd.

The contract amount will exceed S$100
million, with the final amount to be determined based on design and
engineering options. It will be located at the 30-hectare
Fusionopolis, a R&D hub at JTC Corporation’s one-north
development in Singapore.

Founded in 1979, Seagate
Technology plc offers HDDs and storage solutions. It employs more than 50,000 employees worldwide and is
headquartered in California.

The Shugart will be an integrated
design and R&D centre with a gross floor area of approximately
40,880 square meters and consists of a nine-floor tower connected to
a six-floor tower with three basement levels. Earmarked to be awarded
Green Mark Platinum, it will house laboratories and clean rooms for
Seagate’s engineers and scientists to undertake R&D activities.
Completion is expected in calendar year 4Q 2014.

The Shugart is named after Alan Shugart
who founded Seagate in 1979. This will be Boustead Projects’ first
project at Fusionopolis within JTC Corporation’s one-north
development in Singapore.

Thomas Chu, MD, 
Boustead Projects said: "We are honoured to be selected by
Seagate – the world’s leader in hard disk drives and
storage solutions – to deliver a truly state-of-the-art
integrated design and R&D centre, The Shugart at Fusionopolis.
This contract was awarded to us against stiff competition based on
our excellent design-and-build track record and our capability in
providing value engineering to Seagate. We will ride on our extensive
experience to deliver The Shugart as an icon of innovation at
Seagate, having built and developed eight other advanced R&D and
technology centres for clients including Applied Materials,
Continental Automotive, IBM and Qioptiq."

He added: "This is the largest design-and-build
contract secured by Boustead Projects in our history. Earlier this
year, we were awarded contracts from AIMS AMP Capital Industrial
REIT, BASF and Oxley, as well as a S$70 million contract for DB
Schenker’s 54,520 square metres integrated logistics and office
facility at the Tampines LogisPark. Although conditions in the
industrial real estate market remain challenging, we believe our
excellent reputation in the market will continue to secure us
landmark projects such as The Shugart."

The latest contract has raised the
Boustead Group’s order book backlog (as at the end of March plus
new orders since then) to S$500 million.

This contract is expected to have a
positive material impact on the profitability and earnings per share
of the group in the financial year ending 31 March 2014. However,
this contract is not expected to have a material impact on the net
asset value per share in the current financial year.

None of the directors or controlling
shareholders of Boustead has any interest, direct or indirect, in the
above contract.