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Home > Biz&Company

Hyundai E&C wins $1.1 bn land reclamation deal in Singapore

2018.02.22 15:38:45 | 2018.02.22 15:39:28
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[Photo provided by Hyundai E&C]

[Photo provided by Hyundai E&C]

South Korea’s Hyundai Engineering & Construction Co. (Hyundai E&C) has won a $1.1 billion deal to reclaim land from the sea in Singapore in a consortium with foreign partners. The latest deal comes after the Korean company has successfully completed another land reclamation project in the city state.

Hyundai E&C said on Thursday a consortium formed by the Korean builder, Japan’s Penta Ocean and Netherlands’ Boskalis won the Tuas Finger Three reclamation deal worth about $1.1 billion from the Maritime and Port Authority in Singapore.

Hyundai E&C holds a 35 percent stake, or $390 million, in the project that aims to reclaim 387 hectares of land from the sea in Tuas in the west of Singapore, which will be used to build the Tuas Mega Port. Hyundai E&C and its partners plan to complete the construction in 108 months from its commencement date to March 2017.

The Korean construction company has recently completed the last Tuas Finger One project that it clinched in 2014, the company said.

“The successful completion of the Tuas Finger One project that has reclaimed 7 percent of the entire land of Singapore has proved Hyundai E&C’s prowess in the land reclamation market,” said an official at the company.

Hyundai E&C’s footprint in Singapore where the company made an inroad with Pulau Tekong reclamation project in 1981 is wide. It has so far bagged a total of 84 construction projects worth $13.8 billion in the Southeast Asian country, and it is currently carrying out three reclamation projects and 10 construction projects worth $2.6 billion in total in the country.

By Lee Ji-yong and Lee Ha-yeon

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

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