Lian Beng Group has announced that its 60%-owned subsidiary United Tec Construction has secured a contract from United Venture Development (2020) worth approximately $131 million.

The contract is for the proposed residential flat development comprising 16 blocks of 5-storey building (total 448 units) with 1 childcare centre and 1 level of basement carpark, swimming pool and communal facilities on Lot 04067X MK19 at Canberra Drive. The contract period shall be for 49 months.

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In a filing to SGX dated March 19, Lian Beng says that the contract is expected to have a “positive financial impact on the net tangible assets per share and earning per share of the group" for FY2021 ending May.

As of March 19, the group’s order book stood at approximately $1.6 billion which Lian Beng states will provide a sustainable flow of activity through FY2025.

Shares in Lian Beng closed up 1 cent or 2.13% higher at 48 cents on March 19.