SINGAPORE (Aug 23): Lian Beng Group announced its 60%-owned subsidiary, United Tec Construction, has secured a contract from United Venture Development (Silat) for the development of a residential flat in Silat Avenue worth about $278.5 million. 

See: Lian Beng buys 60% stake in United Tec Construction for $0.2 mil

The residential flat comprises two blocks of 56-storey apartments, with a total of 955 units, along with landscape, multi-storey and basement carparks, communal facilities, as well as additions and alterations to existing five blocks of conserved four-storey flats involving new shops and childcare centre.

The contract is expected to commence in Aug 2018 for a period of 42 months. It is also expected to have a positive financial impact on the group's net tangible assets per share and earning per share for FY19. 

As at Aug 23, the group's order book stands at about $1.2 billion. 

Shares in Lian Beng closed 1 cent higher at 51 cent on Thursday.