Wednesday, March 10, 2010

Lian Beng wins $144m condo contract

LIAN Beng Group has bagged a $144 million building contract for a condominium development at Dakota Crescent.

The design-and-build contract was awarded by UOL Development (Dakota) Pte Ltd. The development comprises 616 apartment units in three 19-storey blocks and four 20-storey blocks, and a six-storey carpark building with a roof garden, a swimming pool and other ancillary facilities.

The project is due to commence next month and expected to be completed in March 2013.

Commenting on the contract win, Lian Beng managing director Ong Pang Aik said: ‘This is an encouraging sign of sustained demand for construction services from the private residential sector. Backed by the group’s strong track record and capabilities, we are looking forward to secure more projects.’

The contract is not expected to have a material financial impact on the net tangible assets per share and earnings per share of the group for the financial year ending May 31, 2010. This new contract raised Lian Beng’s order book to about $740 million.

Established in 1973, Lian Beng Group is mainly engaged in building construction, integrated civil engineering works and construction support services.

Lian Beng’s portfolio of residential projects includes Waterfront Key, The Gale, Kovan Residences, and The Ritz-Carlton Residences, Cairnhill Singapore. The group is also in the midst of constructing public projects such as camp facilities at Kranji.

In January, the group reported a 29 per cent growth in after-tax profit to $11.3 million for the first half of its 2010 financial year, compared with $8.8 million a year ago. Revenue rose 4 per cent to $157.6 million

Lian Beng’s share price dropped 3.5 per cent to 28 cents yesterday.

Source: Business Times, 10 Mar 2010

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