쌍용건설

[Dong-A.com reporter Jung Woo-ryong] 2016-11-24 10:59:30

-Dubai, $170M deal with ICD for developing the Deira coastal area to build complex center comprised of hotel, residential housings, and office building
-Singapore, $82M contract with CDL to design and build the Forest Woods condominiums
-Equatorial Guinea, $25.4M Government-initiated project…expect further momentum for active deal participation in Middle East, Asia, and Africa

Ssangyong Engineering and Construction (E&C), South Korean construction company, announced that it has
simultaneously won three overseas projects valued at 330billion won (US$280 million) in Dubai, Singapore, and Equatorial Guinea.

In Dubai, the company received a US$170million deal (approx.200billion won) from Investment Corporation of Dubai (ICD) for constructing the 3rd district of the first phase of the modern complex center in Deira, the coastal region of Dubai.

Deira region development project is directly invested and developed by ICD, the majority shareholder of Ssangyong E&C. The development project is divided into two stages to transform the coastal region into a modern tourist destination. Deira is the old city center with the Gold Souk, the largest gold market in the Middle East. Ssangyong E&C will build total of four complex building including a 14-story hotel with total floor space of 161,859 square meters, two 16-story and 14-story residential buildings and 10-story office building in District 3, which is the first project of the first phase for the US$1billion development scheme.

Dubai Coastal Area Development Stage 1 (source Ssangyong E&C)

Ssangyong E&C also won a deal with City Development Limited (CDL), an affiliate of Singapore’s Hong Leong Group and one of Singapore’s largest private property developers to build condominium complex, Forest Woods, at US$82million (approx.100billion won). Ssangyong E&C has been commissioned to carry out the deal in a design and build method. The project involves construction of seven condominiums with 12-stories and 2 levels of basement floors to encompass total of 519 units. The site is at an attractive and well-connected location near the Serangoon MRT station, a residential town in the Northeastern region of Singapore.

In addition to this, Ssangyong E&C was ed by the Equatorial Guinea government to take part in the government-led construction project valued at 300 billion won. This project is expected to keep alive the so-called Korean wave in the construction field. Ssangyong E&C since 2011 had won total 14 deals with cumulative value of US$500million.

Lee Geun-mok Lee, Head of Overseas Sales at Ssangyong E&C said, “it is meaningful that we have started to reap the fruit of our global strategy to link Korea, Singapore and Dubai as the three pillars,” and added, “in the future we will usher in the second golden age of Ssangyong E&C by further cultivating our stronghold position in Singapore, focusing on contracts for 2020 Dubai EXPO and ICD investment projects and venturing into new markets such as Equatorial Guinea and other neighboring countries of the three pillar markets.”

Meanwhile, Ssangyong E&C carried out 150 construction projects in 20 countries amounting to US$10.2 billion. It currently runs five corporations and 14 overseas offices around the world and total of 18 projects worth US$3 billion are underway in 8 countries.