UI Boustead REIT (SGX:UIBU) awarded a SG$2.6 million design and build contract to Boustead Projects E&C to convert its AUMOVIO Building Phase 3 to a multi-tenanted building, according to a Wednesday filing with the Singapore Exchange.
Shares of the REIT were down over 1% in Thursday trading.
Boustead Projects is a subsidiary of the REIT's controlling shareholder, Boustead Singapore (SGX:F9D).
Boustead Projects was granted the project due to its familiarity with the building, thus reducing execution risk and improving the timeline.
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