Wednesday, August 22, 2012

Lian Beng JV secures S$169m condo deal

Paul Y - Lian Beng JV Pte Ltd, a joint venture (JV) company between Lian Beng Construction (1988) Pte Ltd and Hong Kong-listed Paul Y Construction & Engineering Pte Limited, has successfully secured an S$169 million contract from Luxury Green Development Pte Ltd.

The contract will see the JV company embark on main building works such as construction, completion and maintenance of a condo project located at Upper Thomson Road, Thomson Grand.



Scheduled for completion in February 2015, the project will comprise nine 20-storey blocks with a total of 339 units and 22 two-storey strata landed houses. The 224,000-sq-ft plot will also accommodate a swimming pool, basement carpark and other ancillary facilities.

Commenting on the new deal, Ong Pang Aik, Chairman and Managing Director at Lian Beng, noted “The addition of this new contract strengthens our order book to a commendable S$736.4 million and we hope that this JV will give us the momentum for future opportunities and success with Paul Y.”

The contract is also expected to create a positive financial impact on the group’s net tangible assets per share as well as earnings per share for the current FY ending-31 May next year.

View the original article here

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