SINGAPORE (Oct 24): Mainboard-listed construction firm Lian Beng Group reported that its wholly-owned subsidiary, Lian Beng Construction, has secured a contract worth $173 million for the proposed construction of a condominium housing development at River Valley Close. 

The contract, awarded by real estate development corporation Carmel Development, involves the demolition of existing buildings on the site spanning 128,352 sqft currently occupied by the Pacific Mansion condominium and the construction of two 36-storey towers with a total of 376 residential units.

In a regulatory filing on Thursday, Lian Beng reported that work on the new condominium development is scheduled to commence in November, and is slated to be completed in November 2022. 

With this contract, Lian Beng has secured contracts amounting to some $515 million since the start of its FY20 ending May 2020.  

The recent wins include a contract worth $107 million contract for the construction of a residential development at Kampong Java Road secured in September, as well as a $235 million contract secured in July for the construction of fresh food distribution centre for NTUC Fairprice Co-operative. 

The group’s total order book currently stands at a record-high of $1.6 billion, and is expected to support the group’s activities through FY23. 

Shares in Lian Beng closed flat at 49.5 cents on Thursday prior to the announcement.