The group said its marine arm, Singapore Technologies Marine Ltd., will build the vessels at its Singapore Benoi Yard, while Singapore Technologies Electronics Ltd. will supply the combat systems and combat system integration solutions.
In addition, ST Marine will function as the lead system integrator.
"We are honored to be awarded this contract by MINDEF (the Ministry of Defense), which reflects the excellent partnership between MINDEF and ST Engineering," said ST Marine President Ng Sing Chan.
"It also demonstrates our continuing efforts and commitment to develop indigenous capability to better support MINDEF in the area of design, construction, operations and support."
Work on design of the vessels is to begin immediately, and delivery of the boats, which will replace Fearless class vessels, will begin in 2016, the group said.