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Lian Beng subsidiary secures S$107.5m construction contract
LIAN Beng's 60 per cent-owned subsidiary United Tec Construction has bagged a S$107.5 million contract from CEL Newton to construct a residential development at Kampong Java Road.
The scope of work covers the building of two towers of 23-storey apartments comprising 378 units with a landscape deck, common basement carparks and communal facilities. Work on the project is expected to start in September 2019 and be completed by June 2022.
As at Sept 13, Lian Beng's order book stood at about S$1.5 billion, which the group said will provide a sustainable flow of activity through FY2023.
The contract is expected to have a positive impact on the net tangible assets per share and earnings per share of the group for the current financial year ending May 31, 2020.