We have established and invested in several strategic partnerships and platforms to enhance our resilience, competitive position and geographically expand across Asia. Working with like-minded, reputable and resilient strategic partners on several fronts has allowed us to pool our complementary capabilities and expertise to take on larger-scale projects and broaden our offerings to clients, while simultaneously reducing commercial and operational risks related to a particular geographic market, industry cluster or real estate sector. Activities under strategic partnerships potentially feed into our design-and-build and real estate businesses.

In FY2020, we formed three new strategic partnerships with The Platform-Hanwha ARESF Fund No 1 (“The Platform-Hanwha”), Getronics Solutions (S) Pte Ltd (“Getronics”) and Sunseap Leasing Pte Ltd (“Sunseap”). These new collaborations complement our existing strategic partnerships including the Boustead Development Partnership (“BDP”), Echo Base-BP Capital Pte Ltd (“Echo Base”) and DSCO Group Holdings Pte Ltd (“DSCO”) in Singapore, BP Malaysia Airports Subang Aerotech Sdn Bhd (“BP-MAHB Subang Aerotech”) and THAB Development Sdn Bhd (“THAB”) in Malaysia and a consortium led by SGX-listed Perennial Real Estate Holdings Ltd (“PREH”) in China.

Boustead Development Partnership

Established in 2014, the BDP is our largest joint venture (“JV”) and a co-investment partnership with a reputable Middle East sovereign wealth fund. Under the BDP, we possess a strategic JV platform to undertake sizeable development and redevelopment projects in Singapore’s industrial real estate sector.

FY2020 was another active year for the BDP, which completed a fifth development, Amcor’s integrated production and logistics facility; is progressing on a sixth development, Bombardier Aerospace Singapore Service Centre Phase 2; and acquired a seventh property, 6 Tampines Industrial Avenue 5. During the year, the BDP also progressed with the asset stabilisation of ALICE@Mediapolis.

Echo Base

Established in 2018, Echo Base is our strategic JV real estate fund management and services platform focused on the development, investment and management of smart buildings and integrated developments across the Asia Pacific, specifically in selected global gateway cities. Echo Base is equally owned by Boustead Projects and Moor House Capital Pte Ltd, a company that is majority-owned by Razer’s co-founder. This partnership facilitates our entry into new real estate sectors across a wider geographical reach.

During FY2020, Echo Base progressed on developing the Razer Southeast Asia Headquarters, a high-tech smart business park development under Snakepit-BP LLP, our JV with Razer’s co-founder and other private investors.


At the beginning of FY2020, a 25% shareholding was acquired in DSCO, a provider of specialised building engineering consulting services in the Asia Pacific, with a strong reputation as a leading designer in data centres. We expect our strategic investment in DSCO to support our future expansion and augment our design-and-build and development capabilities in high-tech, higher value sectors and intend to leverage DSCO’s expertise, experience and reputable position in the high-growth data centre industry to jointly pursue data centre projects.

BP-MAHB Subang Aerotech

Established in 2019, BP-MAHB Subang Aerotech is our 70-30 strategic JV platform with Malaysia Airports Holdings Bhd (“MAHB”) to develop the Subang Aerotech Park in Selangor, an aerospace and high-tech park that comprises potentially over 140,000 square metres of land next to the Sultan Abdul Aziz Shah Airport (also known as Subang Airport), to be leased to corporations serving the aerospace industry. This partnership further expands our overseas presence in a higher value sector, tapping on our leading experience, expertise and track record in the aerospace sector.

During FY2020, marketing of the Subang Aerotech Park commenced with a healthy level of interest from aerospace-related and logistics companies but was subsequently slowed down by global geo-political uncertainties, as well as the COVID-19 pandemic.

The Platform-Hanwha

During FY2020, we syndicated about half of the equity interest in our development of 351 on Braddell to our new strategic JV partner, The Platform-Hanwha. This partnership has strengthened our pool of co-investment partners in the Asia Pacific.


During FY2020, we commenced our collaboration with Getronics – a leading global infocommunications technology service provider – which is intended to enable us to deliver next generation smart industrial buildings by leveraging Getronics’ technologies and to augment our integrated suite of transformative digital real estate solutions addressing the entire multi-decade lifecycle of buildings. Getronics’ smart technologies will help future-proof our development projects with a flexible and scalable platform for new and ever-changing technologies, allowing us to manage smart developments in our leasehold portfolio on a single technology platform.


During FY2020, we signed a framework agreement with Sunseap – the largest and most established integrated clean energy solutions company in Singapore – on the potential installation of rooftop industrial solar energy systems at our real estate projects and potential provision of lower-cost clean energy solutions to our clients and tenants. This partnership is intended to better utilise rooftop space – an important asset within our leasehold portfolio. Promoting eco-sustainability through greater use of renewable energy aligns with our leading position as a builder and developer of smart eco-sustainable business park and industrial developments.


Established in 2013, THAB is a strategic partnership that we formed with AME Construction Sdn Bhd, Tat Hong Holdings Ltd and CSC Holdings Ltd to address our growing presence in Malaysia. THAB has completed two developments, namely iBP@Nusajaya, a premier freehold business park located in Nusajaya; and a multi-tenanted logistics hub at the Port of Tanjung Pelepas.

PREH Consortium

Established in 2012, we joined a consortium led by PREH to develop Beijing Tongzhou Integrated Development Phase 1, a mixed-use Grade A iconic landmark development at the centre of Beijing Tongzhou’s Central Business District. We hold a 4% shareholding in Phase 1, which features a proposed 413,000 square metres of gross floor area with an eight-level retail podium, two office towers and one residential tower, with targeted completion in 2023. In FY2020, the fair value of our investment in Phase 1 was S$31.3 million.

Going forward, we will continue to focus on building upon our resilient strategic partnerships and platforms to support our medium to long-term growth efforts in Singapore and the region, and penetrate new high value-added industries and real estate sectors.