SINGAPORE (Sept 15): Lian Beng Construction (1988), a wholly-owned subsidiary of Lian Beng Group, has been awarded a contract worth approximately $162 million to construct a condominium housing development at Martin Place.

The development comprises two blocks of 30-storey condominium with a total of 450 housing units with a landscape deck, common basement carparks, and communal facilities on lot 01590P of the property, and its contract secured by Lian Beng through tender from Martin Modern.

Works are expected commence in Sept 2017 over a contractual period of 32 months.

In a Friday filing to the SGX, Lian Beng says it expects the contract to have a positive financial impact on its net tangible assets (NTA) per share and earnings per share (EPS) for the current financial year ending May 31, 2018.

The group’s order book stands at approximately $699 million as of today, which Lian Beng says will provide a sustainable flow of activity through FY2020.

Shares in Lian Beng closed 1 cent higher at 62 cents on Friday.