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Samsung C&T wins $786 mn order to build motorway in Sydney

2018.08.20 16:13:59 | 2018.08.20 16:17:49
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[Photo provided by Samsung C&T Corp.]

[Photo provided by Samsung C&T Corp.]

South Korea’s Samsung C&T Corp., construction arm of Samsung Group, has won an 882.6 billion won ($785.9 million) order to build a 12.9 kilometer motorway in western Sydney, allowing it to take part in all three stages of a major construction project in Australia, the company said in a regulatory filing on Monday.

The latest order - which has been awarded by Sydney Motorway Corporation established by the New South Wales Government - is the third phase of WestConnex project, an integrated transport scheme to build a 33 kilometer underground motorway in Sydney. The third stage involves building an annex and underpass linking Haberfield to Saint Peters. Samsung C&T plans to complete construction by June, 2023.

The 882.6 billion won project accounts for 3.01 percent of Samsung C&T’s last year’s consolidated sales. The Korean builder has a 33.3 percent stake in the WestConnex project after it secured a total 2.6 trillion won worth of orders from the motorway project in Sydney.

An unnamed official from Samsung C&T said that the latest order has been awarded after it successfully completed construction of motorways for the first and second phase of the WestConnex project in 2015 and has been approved of its technical skills. The company plans to begin construction for the third phase next month according to plan.

Samsung C&T has been all-out to win overseas orders. The company was granted a 510 billion won order in March to build Indonesia’s largest combined cycle power plant and a 500 billion won contract in May to build the N107 section of an underground highway in Singapore.

Shares of Samsung C&T remained unchanged from the previous session at 122,000 won on Monday.

By Yong Hwan-jin and Lee Eun-joo

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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