Published : Jan. 18, 2011 - 15:31
Ssangyong Engineering & Construction has won a 35 billion won ($31 million) deal to build a premium shopping center in Singapore, the latest boost to its growing presence in one of Asia’s hottest construction markets.
The builder signed the contract with City Development Ltd., the largest property developer of Singapore, on Thursday.
Ssangyong will design and construct a two-story luxury mall with a basement by April 2012 beside W Singapore Sentosa Cove Hotel, which is also being built by Ssangyong.
City Development, affiliated with Singapore’s top conglomerate Hong Leong Group, operates some 110 hotels in 18 countries, including Millennium Seoul Hilton in Korea.
An artist’s conception of a shopping center in Singapore to be constructed by Ssangyong Engineering & Construction. (Ssangyong E&C)
The Seoul-based contractor estimates construction costs for the mall will be several times higher than those for domestic multistory apartments on account of the top-quality interior design and construction materials.
It will also employ environmentally-friendly technologies such as wind power generators, solar panels and Low-E Glass, whose lower heat conductivity minimizes temperature increases inside a building, the company said.
In May 2010, W Hotel received the Green Mark from Singapore’s state-run Building and Construction Authority, one of the world’s highest eco-friendly certifications, for its design.
Ssangyong secured a $130 million deal in 2009 to establish the first-rate hotel. It broke ground late last year.
The 7-story hotel will furnish more than 240 rooms and facilities including a 500-seat banquet hall, a yacht pier, swimming pool and private spa as well as fine restaurants, the company said.
Since it first broke into the Singaporean market in 1980, Ssangyong has won 36 construction orders, worth 5.1 trillion won, excluding the latest one.
Its $686 million work for the Marina Bay Sands Hotel, finished in June 2010, contributed to growing recognition of its technological prowess. One of the 55-story landmark hotels is tilted at 52 degrees at its highest, nearly 10 times more inclined than the Leaning Tower of Pisa at 5.5 degrees.
It is currently working on two other projects in Singapore ― The Marina Coastal Expressway and Downtown Line Stage 2.
Founded in 1977, the builder has nailed down 132 projects in nearly 19 countries including the U.S., Japan, the Middle East and Southeast Asia.
With overseas works accounting for about 40 percent of the total, its revenue jumped nearly 70 percent from 1.16 trillion won in 2005 to 1.97 trillion won in 2009.
The company said last year that it is exploring new markets. The chairman and the chief executive recently visited Libya, Kuwait and Qatar, seeking new businesses opportunities, it added.
By Shin Hyon-hee (heeshin@heraldcorp.com)