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5 Things About Alpina Holdings (SGX Code: ZXY), The Company Behind The Installation Of Solar Panels At Over 1,100 HDB Blocks and 50 Government Sites

Building new capabilities to be at the forefront of Singapore’s renewable energy and smart-city transition.


Many of us living in HDB flats would be familiar with the estate renewal programmes like block painting and other building upgrading and maintenance works that are carried out at regular time intervals.

One of the companies that benefit from such projects is Alpina Holdings (SGX Code: ZXY), a Singapore-based contractor that specialises in providing integrated building services, mechanical and electrical engineering services, as well as alteration and addition works.

Founded in 2003 and listed on the Singapore Exchange’s (SGX) Catalist in 2022, Alpina Holdings is also spearheading new green growth drivers in the renewable energy and smart city market segments. To this end, it was awarded the sixth solar leasing tender to provide the installation of solar panels across 1,198 HDB blocks and 57 government sites, as well as the installation of smart electrical sub-meters at HDB blocks.

Here are 5 things to know about Alpina Holdings if you are interested in businesses involved in the industrial & commercial services sector.

What are some of the Group’s potential catalysts that investors can be excited about in the near term of 1 to 2 years?

Under Singapore Green Plan 2030, there are concrete targets over the next 10 years as mentioned above that require billions of investments across Singapore and Alpina is well-positioned to capitalise on these opportunities given unique market positioning with our strong our track record serving predominantly public sector customers and our core competencies in IBS, M&E and A&A.

The positive trends in Singapore’s construction demand also bodes well for our operating environment.

The Group will continue to proactively tender for new projects in the public and private sector that are of larger scale and size.

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Describe how Alpina Holdings aims to expand its business presence in the renewable energy and smart city market segments.

We believe that we are at the forefront of Singapore’s renewable energy and smart-city transition. Our expanded portfolio of products and services that allows real-time analytics can provide growth opportunities in our markets.

As solar energy adoption gains pace in Singapore, our accumulated technical know-how and track record will position us well for opportunities ahead.

There will be more zero-energy buildings in Singapore that employ energy-efficient technologies, circular materials, and low-carbon innovations.

We are confident that the measures we took in recent years will enhance our “green” growth drivers and continue to allow us to capitalise on the growth opportunities in our targeted market segments.

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Could you share some of the key ESG factors that are material to Alpina Holdings and how that can create long-term value for your stakeholders?

Our 4 most relevant, significant factors are:

#1 Environmental Regulatory Compliance: We seek to incorporate green design, sustainable materials, and efficient construction practices. We are compliant with the government’s air quality, noise and dust pollution requirements.

#2 Employment Practices: We adopt fair and performance-based recruitment and employment practices to attract the bestsuited individuals and retain existing employees

#3 Occupational Health and Safety: We are dedicated to creating a safe working environment with safety work measures and monitoring at work sites.

#4 Business Conduct and Ethics: The Group is fully committed in achieving the highest corporate governance standards and have adopted zerotolerance for acts such as fraud, bribery, and corruption.

With many economists predicting a slowing economy and a possible recession in the near term, how is the Group preparing itself to ride out this storm?

Our order book provide us visibility, where in July 2023, Alpina announced that it has secured a total of 13 contracts with aggregate provisional contract sum approximately S$216.9 million during the first six months of 2023.

The COVID-pandemic has taught us valuable lessons in business sustainability and continencies plans. With aim to strengthen our business model and develop new revenue streams, we are expanding our presence in the renewable energy industry, where the Group’s wholly-owned subsidiary, Digo Corporation, and a joint venture partner have been jointly awarded the sixth solar leasing tender under the SolarNova Programme by HDB, which is a 70 MWp project for the installation of solar panels across 1,198 HDB blocks and 57 government sites as well as the installation of smart electrical sub-meters at HDB blocks. Moving ahead, with the greening of Singapore’s economy, we look forward to harness more opportunities in this area with our expanding capabilities.

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Why should investors take a closer look at Alpina Holdings?

Direct proxy to the multi-billion market prospects in Singapore’s construction, green economy and smart city initiatives: Singapore’s total construction demand is expected to reach between S$25 – S$32 billion per year from 2024 to 2027. In addition, Singapore continues to advance towards a smarter city and greener economy with long-term initiatives that require billions of investments.

Alpina’s business model, track record (serving predominantly public sector customers such as government ministries and statutory boards as well as public education institutions) and core competencies in IBS, M&E and A&A, makes us well-positioned towards strong market prospects in the construction, green economy and smart city initiatives in Singapore.

Growing order book: Just in the first six months of 2023, Alpina announced that it has secured a total of 13 contracts with aggregate Provisional Contract Sum of approximately S$216.9 million, which provide good visibility for the Group’s future.

Editor’s Note: Some answers for this article were extracted from the SGX 10 in 10 series published on 3 October 2023 and have been republished with permission. You can read more on Alpina Holdings (SGX Code: ZXY) on the SGX website.