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Lian Beng subsidiary secures contract worth S$178m

CONTRACTOR Lian Beng Group announced after trading hours on Friday that its 60 per cent-owned subsidiary, United Tec Construction, has secured a contract through tender for a residential project worth about S$178 million.

The proposed residential flat development will comprise two blocks of 37-storey apartments (total 640 units) with a childcare centre and two levels of basement carparks, swimming pool and communal facilities on Lot 5455 MK3 at Clementi Avenue 1.

The contract period will be 36 months. It is expected to have a positive financial impact on the net tangible assets per share and earnings per share of the group for the current financial year ending May 31, 2020.

As at Dec 27 this year, the group's order book stood at approximately S$1.7 billion.