Continue reading this on our app for a better experience

Open in App
Floating Button
Home News Construction

Centurion-Lian Beng joint venture wins tender for Ubi workers' dormitory for $40.2 million

The Edge Singapore
The Edge Singapore • 1 min read
Centurion-Lian Beng joint venture wins tender for Ubi workers' dormitory for $40.2 million
The total development cost is estimated to be $85 million
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

A Centurion-Lian Beng joint venture has been awarded a $40.2 million to lease a plot of land to build a workers’ dormitory.

The 7,044.8 sqm land, with a lease of 30 years, is at Ubi Avenue 3, and can be built a dormitory with 1,650 beds.

The joint venture, Centurion-Lian Beng (Ubi), is 51% held by Centurion, known for operating a chain of workers and students’ dormitories, and 49% held by Lian Beng, a leading construction company that also has interests in workers accommodation and property development.

“The tender was submitted in the ordinary course of business of the group of providing dormitory accommodation,” says Lian Beng.

“The group views the tender as a good opportunity to grow its dormitory business and to build on the group’s existing workers accommodation portfolio, where the group can derive rental returns which will be added to the earnings of the group,” adds Lian Beng.

According to Centurion in its separate but related announcement, the total cost of this development, including the land price, will be around $85 million.

See also: Mega-projects like Changi Airport T5 could drive up construction costs in S’pore next year: Surbana Jurong

Centurion shares closed Jan 13 unchanged at 34 cents, up 3.03% over the past year; Lian Beng shares closed Jan 13 at 52 cents, up 0.97% for the day and down 5.45% over the past year.

×
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.