Boustead JV to build $104m Seletar aerospace facility

The site is fully leased to a global aerospace firm for 22.5 years.

Boustead Singapore Limited (BSL) and UI Boustead REIT will jointly develop a $104m build-to-suit aerospace facility at Seletar Aerospace Park.

The project will be undertaken through a joint venture in which the REIT will hold a 51% stake and a BSL subsidiary will own the remaining 49%, according to separate filings dated 22 May.

The facility will be fully leased to a global aerospace corporation for about 22.5 years, with built-in rental escalations. It is expected to have approximately 252,113 square feet of gross floor area.

The development will be located on land at Seletar Aerospace Road 1 under a JTC lease of about 24.5 years expiring in 2050. The site spans about 29,986 square metres.

Boustead Projects E&C, a subsidiary of Boustead Singapore, has been appointed to carry out part of the construction work and serve as the engineering, procurement, construction and management consultant for the project.

BSL said the addition of the project lifted the total value of new contracts secured by the group since the start of FY2027 to around $461m.

Meanwhile, UIB REIT Management Pte. Ltd said the REIT’s share of the estimated effective total investment value is about $53.9m, with required capital commitments of about $17.9m.

The manager added that the project is expected to deliver an estimated yield on cost of 8.6%, above the REIT’s projected Singapore portfolio net property income yield of 7.4% for 2027.

In addition, the REIT has the option to fully purchase the remaining 49% interest upon the receipt of a temporary occupation permit.

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