Lian Beng Group unit bags S$131m contract to build flats in Sembawang

LIAN Beng Group has obtained a S$131 million contract through a subsidiary, to develop a residential project with communal facilities in Sembawang - and the project is big enough to make a positive financial impact on the group's financials.

United Tec Construction, 60-per-cent owned by mainboard-listed Lian Beng, clinched the deal from United Venture Development (2020) for the proposed development of 16 five-storey blocks of flats, totalling 448 units, in Canberra Drive. Amenities in the development include a childcare centre, a basement carpark, a swimming pool and communal facilities.

Lian Beng, in a regulatory statement on Friday, said the project is expected to have a positive financial impact on the net tangible assets and earnings per share of the group for the financial year to May.

Currently, its order book, at S$1.6 billion, will provide a sustainable flow of activity through FY2025, Lian Beng said.

Lian Beng shares ended the trading day one Singapore cent or 2.13 per cent higher at S$0.48 on Friday, before this deal was announced.