Lian Beng subsidiary bags S$136.8m contract for proposed development at Potong Pasir

A WHOLLY-OWNED subsidiary of Catalist-listed construction contractor and developer Lian Beng Group Ltd has secured a contract for construction works on a proposed condominium development in Singapore.

The S$136.8 million contract was secured by subsidiary Lian Beng Construction (1988) Pte Ltd through a tender from UVD (Projects) Pte Ltd.

The proposed development - located on Lot 06521X MK17 at Potong Pasir Avenue 1- will comprise three 20-storey, two 19-storey and four eight-storey residential blocks with car parks and ancillary facilities.

The contract was awarded for a period of 38 months and construction works are expected to commence in December 2017.

It is expected to have a positive financial impact on the net tangible assets per share and earning per share of the group for the current financial year ending May 31, 2018, the group said in an aftermarket exchange filing.

As at Nov 28, 2017, Lian Beng's order book stood at approximately S$836 million.

Lian Beng shares closed S$0.03 or 3.9 per cent down at S$0.745 on Tuesday.