SINGAPORE (May 11): Lian Beng Construction, a wholly-owned subsidiary of mainboard-listed Lian Beng Group, has secured a residential flat development contract worth $174 million.
In a regulatory filing on Monday, the group says 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 financial year ending May 2021.
The contract, which was secured through tender from NovaSims Development, will see Lian Beng construct five blocks of 18-storey residential flats, with a total of 566 units.
The development will also constitute a child care centre with four-storey multi storey carpark, a swimming pool, as well as other communal facilities.
The contract period is set at 36 months, and is expected to commence in June 2020.
The group’s order book stands at $1.7 billion as at May 11, and is expected to provide the group with a sustainable flow of activity through FY2023.
Shares in Lian Beng closed one cent higher, or 2.7% up, at 38 cents on Monday prior to the announcement.
