Lian Beng

Lian Beng: Group clinched a contract worth ~$220m, for the development of a condominium at Mt. Vernon Road, Bartley Ridge. The condo is the first residential development to be built on the upcoming Bidadari New Town, and is located just next to Bartlet MRT station. The developer, Mount V Development, is owned by Hong Leong Holdings, City Developments Limited, and TiD Pte Ltd. (JV between Hong Leong Group and Mitsui Fudosan). Contract of 36 months for Phase 1, and 38 months for phase 2 is expected to commence in Mar 2013, comprises of 8 blocks of 18-storey and 1 block of 19-storey apartments (total 868 units) with common basement carparks, landscape deck and communal facilities on lot 10478C MK 24. Expected Date of T.O.P. (latest) to be 1 Oct 2018. New contract boosts order book to $884m, currently trades at 5.5x trailing P/E; Closest peer (based on mkt cap) Tiong Seng, trades at 7.3x trailing P/E; Peer Chip Eng Seng has a net order book as at 31 Dec 2012 of $575m, trades at 6.3x P/E.