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Lian Beng unit snags S$95.8m deal for construction of condo at Flora Drive

A UNIT of mainboard-listed construction firm Lian Beng Group on Monday snagged a contract - worth S$95.8 million - for the construction of a condominium at Flora Drive. 

The subsidiary - Lian Beng Construction (1988) - was awarded the 33-month contract by Tripartite Developers for the proposed development, which will comprise of 9 eight-storey residential blocks totalling 428 units. The construction works will also include the construction of a clubhouse, a basement carpark, swimming pool and a tennis court, the firm said in a filing with the Singapore Exchange.

Construction is expected to start  in July 2018.

Lian Beng said: "The contract 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, 2019."

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As at June 18 June, Lian Beng's order book stood at approximately S$1.02 billion.

Its shares closed flat at S$0.56 on Monday before the announcement.