Lian Beng Group, a construction player, has won a $78-million contract from Far East Group to build Centro Residences. The development is expected to be completed by January 2013.
The deal, which is the second in two weeks for Lian Beng, is for a multi-storey carpark, a 34-storey residential tower, swimming pool, clubhouse, playground and ancillary facilities at the condominium development of Far East Group, located opposite the Ang Mo Kio MRT Station. Work is expected to begin this month.
Lian Beng said it plans to build a condominium at Dakota Crescent for $144 million. Altogether, the two contracts will add $222 million to the order book of the group, raising it to $820 million.
“As a group, we have been fairly successful in leveraging our internal resources to provide more value-added activities for our customers,” said Ong Pang Aik, managing director of the group. “We are delighted to be able to work with Far East Group on another of its distinctive projects.”
Lian Beng enjoys good control over some major cost components through ownership of its equipment fleet and ready-mix concrete facilities, an accredited training centre in Bangladesh and an in-house civil engineering expertise.
Lian Beng believes that its experience of handling key projects should place it in a good position, as the construction sector in Singapore continues to see the return of previously deferred private and public projects.
The group holds an A1 accreditation from the Building and Construction Authority (BCA), allowing them to tender for an unlimited value of general building contracts.
The shares of Lian Beng closed unchanged at 29.5 cents yesterday.