10-storey building and workers’ dorm will be built

A FREEHOLD industrial property to be built in Mandai by joint venture Lian Beng-Centurion will be released for sale in the fourth quarter.

The 10-storey building will sit on a freehold plot of around 18,700 sq m that the joint venture bought in January.

Part of the Mandai Estate site in Woodlands Road will be used for the ramp-up building, with the rest earmarked for a workers’ dormitory housing about 4,700 beds.

The industrial building will have a canteen and 141 units that will sell for between $650 and $700 per sq ft each.

Unit sizes range from 100 sq m to 160 sq m.

Construction on the building is expected to begin in the fourth quarter and be completed within 18 months.

The joint venture, a tie-up between dormitory operator Centurion Corp and homegrown builder Lian Beng Group, said in a statement yesterday that the building has a B2 classification.

This means it is suited for heavy, clean and light industries. It will allow direct vehicle access for loading and unloading.

Lian Beng said the dormitory, which would include a basketball court and convenience store among other amenities, has received provisional permission from the Urban Redevelopment Authority to house workers from various industries.

It is not confirmed if the dormitory operator will be the joint-venture company or Centurion Corp.

Construction, which will begin after Singapore Land Authority approval, is expected to take up to 15 months.

‘The operation of the workers’ dormitory will provide us with long-term recurring income,’ said Lian Beng executive chairman Ong Pang Aik.

Centurion Corp chief executive Kong Chee Min added that the firm may expand a dormitory it owns at Toh Guan Road East earlier than scheduled due to high demand.

The firm said in a statement yesterday that it was also ‘actively pursuing opportunities in China to acquire or build dormitory projects’.

Centurion Corp was formerly SM Summit Holdings, a storage disc maker.

It was renamed Centurion Corp after a $95 million reverse takeover by private investment group Centurion, owned by former UOB Kay Hian stockbrokers David Loh and Han Seng Juan.

Mr Loh and Mr Han, who are first cousins, were known in the brokerage industry as the ‘A-team’ for their stockbroking success and for helping Chinese firms to list here.

Lian Beng shares fell one cent yesterday to close at 36 cents.

Source: Straits Times, 29th Sept 2011