Mooreast divests $29.7m shipyard asset to accelerate offshore wind push

Net proceeds of $19.2m to fund build-out at new Shipyard Crescent facility after asset sale deal.

Mooreast Holdings Ltd has granted an option to sell its leasehold property at 51 Shipyard Road for $29.7m, with net proceeds of about $19.2m to be redeployed towards its offshore wind expansion plans, the group said on 27 April.

Mooreast said net proceeds will be used to support expansion and capital expenditure at its newly acquired facility at 60 Shipyard Crescent, which it purchased for $12.5m in March 2026.

The company said the new 98,919-square-metre facility will support fabrication of subsea foundations and function as a logistics hub for offshore wind projects.

It added that consolidating operations at a single site is expected to improve efficiency and reduce congestion.

The proposed disposal involves Mooreast Asia Pte. Ltd., a wholly owned subsidiary, which granted the option to HLMG Nuform System Pte. Ltd. on 24 April. An option fee of $297,000, equivalent to 1% of the sale price, has been received, and is valid until 13 July, however it has not been exercised.

The property comprises a waterfront leasehold facility at 51 Shipyard Road used for steel fabrication, warehousing, yard services and office operations.

The land is held under leases from JTC Corporation, with remaining lease terms of about 17 to 29 years depending on the parcel.

The proposed disposal is subject to approval from JTC Corporation and shareholders at an extraordinary general meeting. Completion will only proceed after conditions are met.

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