SINGAPORE (Sept 13): Lian Beng Group announced that its 60%-owned subsidiary, United Tec Construction, has secured a contract worth about $107.5 million for the construction of a residential development at Kampong Java Road.

The project site is located near Newton Circus, and is within walking distance of Newton MRT Station as well as Newton Food Centre.

Under this contract, won through a tender from CEL Newton, the group will be in charge of the erection of two towers of 23-storey apartments with landscape deck, common basement carparks and communal facilities. The apartments are expected to see a total of 378 units.

The group is expected to commence work on the project in September 2019 and be completed by June 2022.

Including this project, the group’s order book as at Sept 13 stands at about $1.5 billion, which will provide a sustainable flow of activity through FY23.

This contract is expected to have a positive financial impact on the group’s current financial year ending May 31, 2020.

Shares in Lian Beng closed flat at 51 cents on Friday.