Lian Beng unit secures S$118m contract for Ang Mo Kio residential project

UNITED Tec Construction, a 60 per cent-owned subsidiary of Lian Beng Group, has bagged a contract worth about S$118 million to build a residential flat development at Ang Mo Kio Avenue 1, the mainboard-listed company announced on Monday.

The contract is awarded by United Venture Development (2021), a joint venture between UOL Group, Singapore Land Group and Kheng Leong Company. The development comprises a 24-storey and 25-storey block, with a total of 372 units, as well as a carpark, swimming pool and communal facilities. The contract period is 47 months.

This development is expected to have a positive financial impact on Lian Beng's earnings for the current financial year ending May 2022. As at Monday, the company's order book stood at about S$1.4 billion, which it said will "provide a sustainable flow of activity through FY2026".

Shares of Lian Beng closed flat at S$0.505 on Monday.