Korean builder behind Marina Bay Sands to construct 1,534-bed medical campus over 63 months
Ssangyong Engineering & Construction has won a contract worth more than $2 billion to build a Singaporean hospital, its largest single-project contract on record, the builder said Thursday.
The $2.15 billion contract from Singapore's Ministry of Health will fund construction of Tengah General and Community Hospital. Its value exceeds Ssangyong's entire annual revenue last year of 1.8 trillion won ($1.3 billion).
The hospital will be constructed in Tengah, a housing development in Singapore's western region, spanning seven buildings with three basement levels and nine stories above ground, and will house 1,534 beds. The company said the full build, including design, will span 63 months.
The hospital will be operated by the National University Health System and serve as core medical infrastructure for western Singapore. It's set to become a large integrated medical campus incorporating advanced clinical research and digital health solutions.
Ssangyong E&C stood as the only Korean builder among 11 firms that cleared Singapore's prequalification review. It later beat out three finalists, including bidders from Japan and China, despite not offering the lowest price.
It was selected based on strong technical evaluation scores, covering design completeness, risk management and hospital construction experience, the company explained.
"This is the first time Singapore's government has issued a single contract covering design through construction, which carries real significance for a builder here," a company official said.
"Taking on this large hospital project solo underscores the competitiveness we've built through years of hospital construction, and we plan to reinforce our position through successful completion."
Since first entering Singapore in 1980, Ssangyong has completed more than 40 projects there, spanning high-end architecture, complex civil engineering and advanced medical facilities.
Ssangyong has also built a track record in hospital construction, including Tan Tock Seng Hospital in 1998, New K.K. Hospital in 1999 and Woodlands Health Campus in 2024, while currently working on Alexandra Hospital.
The builder's other projects include some of the city-state's most recognizable buildings: Marina Bay Sands, Raffles City, the W Hotel and the Grand Hyatt.
The contract win follows a period of growth for Ssangyong since it joined Global Sae-A Group in December 2022.
The builder has landed six major overseas projects in Dubai worth 1.4 trillion won since 2023, stabilizing its domestic and international portfolio in the process. Operating profit has climbed for three straight years, while its industry ranking rose 14 spots, from 33rd in 2022 to 19th in 2026.
The company's consolidated revenue climbed 25.4 percent on-year to 1.87 trillion won last year, while operating profit rose 29.3 percent to 64.3 billion won.
minmin@heraldcorp.com
