Lian Beng’s JV company to purchase Mandai Link land parcel for $21.3m

The property will be redeveloped.

Mainboard-listed Lian Beng revealed that its JV company Wealth Property has won the tender to purchase a land parcel at Mandai Link Lot No. 1718L of Mukim 14 for a purchase price of $21.3m.

Wealth intends to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities. Wealth is a 65:35 JV between Lian Beng and The Legacy Industrial (Mandai).

According to OSK DMG, beyond organic growth from its core construction and property development businesses, Lian Beng will also benefit from the sale of all strata-titled units in Prudential Tower and its upcoming granite supply business in Ipoh, which is expected to start contributing in early 2015.