District 9 Development Partnership

Source : TODAY, Thursday, January 10, 2008

Construction firm Lian Beng Group is making a joint purchase of a residential site at Emerald Hill Road in District 9 worth $148 million.

Lian Beng, through its subsidiary, LB Land, has entered a strategic partnership with LaSalle Investment Management to purchase and redevelop the 29,811-sq-ft luxury residential site.

Based on a gross floor area of 78, 689 ft, the purchase prices is about $1,880 per square foot per plot ratio.

“Our strengths in building construction will complement LaSalle’s strengths in property development and marketing," said Lian Beng managing director Ong Pang Aik.

Lian Beng will be the main contractor for the redevelopment project, worth about $34 million, with work expected to begin in April and completed by September 2010. With this contract, the firm’s orderbook to date is approximately $608 million.

LaSalle has an 85-per-cent stake in the project, while Lian Beng will hold the remaining 15 per cent through LB Land.