Lian Beng Group has won a $144 million building contract for a condominium project at Dakota Crescent.
The design-and-build contract was awarded by UOL Development (Dakota) Pte Ltd. The project is comprised of 616 apartment units in four 20-storey blocks and three 19-storey blocks, and a six-storey carpark building with a swimming pool, a roof garden, and other ancillary facilities.
The construction of the development is due to commence in April and is expected to be completed in March 2013.
“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,” said Ong Pang Aik, managing director of Lian Beng.
The contract is not expected to have a material financial effect on the group’s earnings per share and net tangible assets per share for the fiscal year ending 31 May 2010. This new contract raised the order book of Lian Beng to around $740 million.
Lian Beng Group was established in 1973, engaging mainly in integrated civil engineering works, building construction, and construction support services.
The group’s portfolio of residential projects includes The Gale, Waterfront Key, Kovan Residences, and The Ritz-Carlton Residences, Cairnhill Singapore. Lian Beng is also in the middle of constructing public projects like the camp facilities at Kranji.
In January, Lian Beng reported an increase of 29 percent to $11.3 million in after-tax profit for the first half of FY2010, compared with $8.8 million in 2009. Meanwhile, revenue increased four percent to $157.6 million
Lian Beng’s share price fell 3.5 percent to 28 cents yesterday.