Singapore Companies
Published December 28, 2006

Lian Beng secures $93m deal to build Ferraria Park condo


LIAN Beng Construction (LBC) has won a $93 million contract to build a 472-unit condominium for Tripartite Developers.

To date, it has contracts that are worth $158.9 million, including two condominium contracts from UIC Investment worth $65.9 million announced earlier this month.

The latest condominium contract is expected to be completed within 130 weeks from January 2007.

LBC is a wholly owned subsidiary of SGX mainboard listed Lian Beng Group.

Its chairman and managing director Ong Pang Aik said: 'The new contract, together with the two contracts secured by LBC earlier this month, is expected to contribute positively to the group's turnover and profit. They will further strengthen the group's order book for the financial year 2008.'

'With the price recovery in the property market, the acceleration of en bloc sales and the construction of the integrated resorts, we expect the overall business sentiment within the construction sector to improve next year,' he added.

It is understood that integrated resort (IR) operator Las Vegas Sands is in the process of awarding construction contracts, but when contacted, an LBC spokesman said that the company has not been awarded any IR contracts yet.

In its press statement released yesterday, Mr Ong said that Lian Beng Group would participate for more tenders in both domestic and overseas markets in order to 'achieve better performance in the years ahead'.

The latest contract is for Tripartite's condominium called Ferraria Park at Flora Drive.

It will comprise four blocks of eight-storey apartments.

Tripartite Developers, a three-way equal joint-venture involving Hong Leong Holdings, City Developments, and Trade & Industrial Development, launched the project for sale recently.

Lian Beng Group shares were actively traded yesterday, closing at 22 cents, up 4 cents from the previous day.