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Lian Beng bags S$173m contract to build condo at River Valley Close

CONTRACTOR Lian Beng Group on Thursday said its order book has been boosted to a record S$1.6 billion following its clinching of a S$173 million contract to build a condominium development at River Valley Close.

Awarded by Carmel Development, the contract involves the demolition of the existing buildings on the 128,352 sq ft site occupied by the Pacific Mansion condominium, and the construction of two 36-storey towers with a total of 376 residential units.

Along with this, the contract includes the construction of a landscape deck, common basement carparks and communal facilities.

This latest award brings the aggregate value of contracts secured by Lian Beng since the start of FY2020 to S$515 million.

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These include a S$107 million contract for the construction of a residential development at Kampong Java Road that was secured in September, as well as a S$235 million contract won in July for the construction of a fresh food distribution centre for NTUC Fairprice Co-operative.

Work on the new condominium development is scheduled to start in November 2019 and to be completed in November 2022.

Lian Beng said the latest contract is expected to have a positive financial impact on its net tangible assets per share and earnings per share for FY2020.