[Photo by Ssangyong Engineering & Construction Co.]
South Korea’s Ssangyong Engineering & Construction Co. (Ssangyong E&C) has won separate deals worth 420 billion won to build skyscrapers in Malaysia and Dubai, solidifying its position as one of the world’s leading builders.
Ssangyong E&C said on Monday that it landed a 350 billion won deal to build Oxley Towers in Malaysia and 70 billion won order for Andaz Hotel in Dubai, the United Arab Emirates.
The 339 meter high Oxley Towers will be built in Kuala Lumpur City Centre, the heart of Kuala Lumpur, as a multi-functional development. It will comprise of three complexes - each 79, 49, and 29 floors high. The 79-floor complex will be dedicated to So Sofitel luxury hotel, 49-floor complex to Jumeirah tower with hotel rooms and home units, and 29-floor complex to office space.
The order has been given by Oxley Rising Sdn Bgd, a subsidiary of Singapore-based global developer Oxley Holdings that is engaged in a range of property development projects around the world including Singapore, the United Kingdom, China, and Malaysia.
Ssangyong E&C said that it rivaled out other contestants for the deal including a major Chinese builder after submitting its first bidding proposal in August, 2017. The company went through comprehensive review procedure that involves submitting technology-related and cost-saving proposals.
The Andaz Hotel in Dubai will be built in Jumeirah 1, one of the three areas in the coastal residential district of Dubai. The five-star luxury boutique hotel part of the Hyatt chain will have seven floors above ground and two underground floors and provide 156 rooms. The building order for the hotel known for its unique design and interior was placed by Wasl LLC, a public entity that develops and manages government property assets. The company currently owns 14 hotels in Dubai and about 25,000 resident and commercial properties.
Following the latest order, Ssangyong E&C plans to establish a strategic alliance partnership with Wasl LLC and take part in multiple project bids launched by the developing company.
Ssangyong E&C, meanwhile, has engaged in 160 projects worth $11 billion in 21 countries in Asia, the Middle East, and Africa, since its inception in 1977. Early this year, the company beat other large builders from Japan to win an 800 billion won deal to build Woodlands Health Campus, a hospital facility in Singapore.
By Chun Beom-joo and Lee Eun-joo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]