The Business Times | Mar 26, 2013
It will build 99-year condo with 868 units for Hong Leong joint venture
Lian Beng Group yesterday announced a new contract win worth $220 million for the construction of Bartley Ridge.
The contract was awarded to its subsidiary, Lian Beng Construction (1988). With this deal, the group's order book stands at some $884 million.
Bartley Ridge, a 99-year leasehold project along Mount Vernon Road, comprises eight 18-storey and one 19-storey residential towers with penthouses. There are 868 units in all.
It is jointly developed by City Developments, Hong Leong Holdings and TID.
The project includes the building of basement carparks, a landscaped deck, a clubhouse and communal facilities such as swimming pools, tennis courts and a hydrotherapy oasis, Lian Beng said.
The condo, launched for sale last Friday, is a two-minute walk from Bartley MRT station on the Circle Line and near the upcoming new Bidadari township development, where an old cemetery used to be. The 12,000 high-rise homes in Bidadari will house 40,000 people.
Bartley Ridge's smallest one-bedders, at 441 sq ft, start at $580,000; its largest dual-key four-bedroom unit costs $1.97 million for 2,120 sq ft.
The average per sq ft prices for the unit types range from $930 to $1,350.
Lian Beng said the construction of Bartley Ridge is expected to start this month, and is due to be completed in mid-2016.
It is not expected to have a material financial impact on the group's net tangible assets and earnings per share for the financial year ending May 31, 2013, Lian Beng added.
Just last month, the group announced that it had won a $117 million deal to develop Skies Miltonia.
The development, at the junction of Yishun Ave 1 and Miltonia Close, will have eight 13-storey residential blocks with penthouses and one three-storey residential block, totalling 420 units.
It will also have a basement car park, swimming pool, communal facilities and shops. The project is expected to be completed in in 2016.
Shares of Lian Beng closed unchanged at 43 cents yesterday.
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