Dare to Dream
Q&A: Lian Beng Construction. It pays to dream big. And dream big is what Lian Beng has done. And within the first four months of 2013, it has secured six construction projects worth about S$750 million, taking its orderbook to record highs. Construction Director Jeffrey Teo tells us more. Writer Ian Armitage In 1978, Ong Pang Aik joined his father to help run the family business. At the time, the company, Lian Beng, was a civil engineering sub-contractor. Mr Ong wanted more. He wanted to build the flats themselves. It was his dream and a lot can be said for the power of the dream – he helped grow Lian Beng from a sub-contractor that took on small-scale civil engineering a to a Building and Construction Authority Grade A1 main contractor, and subsequently to an SGX-listed company with close to $250 million in market capitalisation and an annual turnover of close to $450 million. Today Lian Beng's wholly-owned subsidiary, Lian Beng Construction, is the chief revenue driver. While it has gone into property development and continues to grow along the value chain into other construction support services such as ready-mixed concrete, construction equipment and machinery leasing and engineering works, they are a secondary focus. "While we have ventured into property development and other fields, construction remains our group's main business, forming more than 75 percent of our turnover," Mr Ong said in a recent interview. Notable on-going construction projects include Thomson Grand, developed by the Cheung Kong Group from Hong Kong, Waterfront Isles, developed by Far…
India’s GVK in Australian coal deal
India's GVK has joined forces with Aurizon, Australia's largest rail freight company, to build the infrastructure needed for the development of the Galilee Basin in central Queensland. In a statement, GVK said GVK Coal Infrastructure (Singapore) Pte Limited (GVK Hancock) and Aurizon, the company previously known as QR National, had signed an "non-binding agreement" on joint development of rail and port infrastructure to "unlock Galilee Basin coal reserves", including GVK Hancock's Alpha, Kevin's Corner and Alpha West coal mines. The agreement also envisages a process to "support the next phase of coal growth in the Bowen Basin", which contains the largest coal reserves in Australia. According to a GVK statement, Aurizon would acquire a majority (51 percent) interest in Hancock Coal Infrastructure, which owns GVK Hancock's rail and port projects and "would invest through upfront consideration at completion of the transaction and deferred consideration at financial close of each phase of the projects". Both companies will have equal management rights and an equal representation on the board of all key committees. The chairman of the board will be G V K Reddy. "This is one of the most significant deals in Queensland's coal history," Reddy said. "The development of the rail and port infrastructure will unlock the Galilee Basin and see the development of Alpha, Kevin's Corner and Alpha West, creating one of the largest integrated coal development projects globally. I am sure it will be a win‐win relationship leveraging on each other's strengths in project development and operation." GVK Hancock and Aurizon are seeking development…
