SINGAPORE (Jan 2): ISOTeam, the provider of building maintenance and estate upgrading services, has won its second Home Improvement Programme (HIP) project from the Housing and Development Board (HDB).
Valued at $26.3 million, ISOTeam says the latest HIP contract has lifted the group’s order book to $147.3 million from a record high of $121 million as at Oct 31 2018.
As part of the project, the group will undertake upgrading works to 35 HDB blocks across four precincts in Tampines, Jalan Bukit Merah/ Silat Avenue and Kim Tian Place. The HIP project is expected to be completed by June 2020.
Anthony Koh, ISOTeam's Executive Director and CEO, says, “With our growing track record in this area, the extension of the HIP scheme to around 230,000 HDB flats built between 1987 and 1997, and the introduction of HIP II, where every HDB flat is to be upgraded twice in its 99-year lease period, we are hopeful that there will be more HIP opportunities for ISOTeam in time to come.”
In January 2017, ISOTeam clinched its first HIP contract valued at $17.5 million from the HDB for the upgrading works to 19 HDB blocks.
ISOTeam wins first HDB project under home improvement programme worth $17.5 mil
Since its inception, ISOTeam has successfully undertaken more than 400 refurbishment and upgrading projects for well over 4,000 buildings and counting.
Shares in ISOTeam closed at 20 cents on Wednesday.
