Lian Beng obtains S$173 million contract for River Valley Close condo project

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Lian Beng Group has obtained a S$173 million contract from Carmel Development to demolish existing buildings and build a condominium development at River Value Close, boosting its order book to a record S$1.6 billion, the construction company said in a filing to SGX.

The contract involves demolishing the buildings on the 128,352 square foot site occupied by the Pacific Mansions condominium and then construct two 36-storey towers with a total of 376 residential units, the filing said.

In addition, Lian Beng will build a landscape deck, basement carparks and communal facilities, the filing said.

Work is scheduled to begin in November and be completed in November 2022, Lian Beng said.

The contract is expected to have a positive financial impact on earnings per share for the current financial year ending 31 May 2020, Lian Beng said.

Since the start of the 2020 financial year, Lian Beng has landed S$515 million in contracts, the filing said.

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