Boustead Singapore FY2026: Net Profit Up 145% to S$232.6M as UI Boustead REIT Listing Completes the Pivot from Landlord to Platform — 16.9% REIT Stake, 19.7% of the Manager's Owner, S$6B Combined Platform AUM

Boustead Singapore closed the financial year ended 31 March 2026 with revenue of S$624.4 million, 18% higher year-on-year, and net profit attributable to shareholders of S$232.6 million — 145% above FY2025's S$95.0 million. Earnings per share rose to 46.59 cents from 19.57 cents, and the Board is lifting the total dividend to 10.0 cents per share from 7.5 cents. The step-change was not operating: segment results of S$77.4 million were lower than FY2025's S$97.2 million. What moved the year was the balance sheet — gains on disposals of S$126.1 million, and a swing in the share of associates and joint ventures to a S$48.1 million profit from a S$19.2 million loss.

Both trace to a single event. On 12 March 2026, UI Boustead REIT listed on the SGX Mainboard, and Boustead Projects completed the divestment of 21 Singapore assets into the vehicle. The majority of the proceeds were re-subscribed for units: BP-Real Estate Investments, a wholly-owned subsidiary, holds approximately 16.9% of the REIT, carried as an associate with a fair value of S$185.8 million at year end. The initial portfolio pairs the 21 Singapore assets with two Japan assets contributed from the UIB side.

The listing also closed the loop on Boustead Industrial Fund. The 2021 private vehicle — mandated for Singapore industrial assets only — was disposed to UI Boustead REIT during the year, its cumulative equity-accounted losses reversed on exit. The REIT inherits an expanded Asia-Pacific mandate and a broader institutional and private investor base.

Above the REIT sits the platform layer. Boustead Projects holds a 19.7% effective interest in UIB Holdings — the Hong Kong-incorporated group co-owned with Macquarie Asset Management and Unified Industrial — which owns the REIT manager and runs approximately S$5 billion of assets under management across Singapore, Japan and China. The REIT carries a right of first refusal over BPL-held and UIB-managed industrial investments in mandate markets, and the group puts combined platform AUM above S$6 billion. One post-year-end adjustment: Boustead elected not to contribute cash consideration arising from its non-compete arrangements, and the resulting share cancellation steps its effective UIB interest down to 17.9% in FY2027.

What remains on title is deliberately little. The group's directly held investment property book stands at S$2.1 million net book value — three industrial facilities in Wuxi, China — down from S$11.1 million a year earlier. The last directly held Singapore investment property, 31 Tuas South Ave 10, was sold into the REIT. Outside the REIT and the KTG & Boustead Industrial Logistics Fund in Vietnam, the wholly and jointly-owned portfolio holds three completed properties and one under development, valued at S$844 million assuming 100% interest — led by COMO Orchard at 28 & 30 Bideford Road, held at a 49.7% stake through the Bideford House joint venture.

The pipeline mechanics are already visible. In April 2026, Boustead Projects entered a build-to-suit aerospace joint venture with UI Boustead REIT — 49% Boustead, 51% REIT — with the REIT holding an option to acquire Boustead's interest once the building obtains its temporary occupation permit, and the engineering and construction contract retained in-house. In Vietnam, KBIL held interests in twelve completed properties at year end, with a market valuation of S$291 million across more than 405,000 sqm of GFA at over 72% committed occupancy. Real Estate Solutions revenue rose to S$228.2 million from S$134.3 million, and group engineering order intake reached S$360 million in FY2026 — with a further S$461 million secured in the first two months of FY2027.

The FY2026 balance sheet reads as the completion of a five-year conversion: S$2.1 million of direct property against S$275.9 million of associates and S$175.7 million of joint ventures. Boustead's Singapore industrial exposure is now expressed through fund units and manager economics rather than freehold and leasehold title — and the REIT, holding first refusal over what both BPL and UIB build next, becomes the group's exit vehicle of record.