Company overview

FBS Global Limited carries out building, renovation and interior fit-out work for main contractors and building owners in Singapore. It designs, supplies and installs features such as partitions, ceilings and acoustic wall panels, and uses green construction methods and recycled or sustainably sourced materials. Almost all revenue comes from individual construction projects; construction-material sales contribute only a small part.

Customers pay through monthly claims for completed work, subject to their approval, and hold back part of the payment until completion and the end of a defects-liability period. FBS must fund materials and work before collecting payment, while Singapore law requires it to pay suppliers and subcontractors within specified periods even if customers have not paid. Contracts generally have fixed fees with limited price adjustments, so keeping project costs within budget matters to earnings.

Projects do not automatically lead to repeat work. FBS depends on main contractors inviting it to bid and awarding new contracts; Penta-Ocean Construction supplies most of its revenue, and Hyundai Engineering & Construction is another major customer. Delivery also depends heavily on foreign workers, whose employment is subject to Singapore’s quotas and work-pass rules. Its contractor registration grades limit the value of public-sector work it can tender for.