Wednesday, October 28, 2009

Business Times: Lian Beng wins $112.7m contract

October 28, 2009
Lian Beng wins $112.7m contract

LIAN Beng Group has bagged a $112.7 million contract to build The Gale, a freehold condominium in Flora Road.

The design-and-build contract was awarded by Tripartite Developers - part of the Hong Leong Group - and comprises 329 apartment units in nine eight-storey blocks, a basement carpark, a club house, swimming pool and other communal facilities.

Work is expected to start next month and to be completed by November 2012.

The Gale's design has received the Green Mark Gold Award from the Building and Construction Authority.

'Securing the contract for The Gale is a timely development for Lian Beng,' the company said in a filing to the Singapore Exchange.

'The group recently completed the construction of Ferraria Park, which is on an adjoining plot, thus minimising the resources required for the initial set-up at the new work site.'

The Gale contract comes two months after the company was awarded the job of building Waterfront Key, a 437-unit joint venture development by Frasers Centrepoint and Far East Organization, and will boost Lian Beng's order book to about $658 million.

The group's existing project portfolio includes the development of camp facilities at Kranji, Kovan Residences, Amber Residences and The Ritz-Carlton Residences.

Lian Beng said that it will continue to tender for construction projects in the public and private sectors.

The company's shares lost 0.5 of a cent, or 1.5 per cent, to close at 32 cents yesterday.

Team Marshe
Martin Koh/ Sherry Tang
93833992/ 98444400

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