Lian Beng wins contract to build Martin Modern condo
Artist’s impression of the infinity pool at Martin Modern.
A wholly-owned subsidiary of Lian Beng Group has secured a $162 million contract to construct Martin Modern, a 99-year leasehold project comprising two 30-storey condominium blocks with a total of 450 units at Robertson Quay.
According to an SGX filing on Friday (15 September), the work package for the development with landscape deck, common basement carparks and communal facilities was clinched by Lian Beng Construction (1988) via a tender held by developer GuocoLand.
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The contract is expected to have a positive effect on Lian Beng’s net tangible assets per share and earnings per share for the current fiscal year ending 31 May 2018. In fact, the company’s order book reached about $699 million as of 15 September 2017 after it secured the deal.
Lian Beng is expected to start construction work on the project in September, with the contract spanning 32 months. The development is expected to receive its temporary occupation permit by 2021.
Martin Modern sold 110 of the 120 units released within two weeks of its launch on 22 July.
Prices range from $1.8 million for a two-bedroom unit to $3.86 million for a four-bedder, with early buyers eligible for a five percent discount.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
