SEOUL, Dec. 16 (Korea Bizwire) - Ssangyong Engineering & Construction Co., a South Korean builder, said Wednesday it has clinched US$1.6 billion worth of orders to construct a luxury hotel, as well as apartment and office buildings, in Dubai.
Ssangyong E&C said that it will lead the construction of a 47-story hotel and a 37-story apartment building in Palm Jumeirah for $840 million, a contract secured from the Investment Corporation of Dubai (ICD), a local sovereign wealth fund.
In a separate deal inked with a subsidiary of the ICD, it will build three high-rise “apartment towers” in the same region for $386 million. It also won a large-scale office construction project worth $370 million.
Ssangyong E&C said that its construction portion will take up around $730 million of the three deals.
The ICD, a local sovereign wealth fund, is the owner of Ssangyong E&C as it took over its controlling stake early this year. The latest deals are in line with the ICD’s promise to turn Ssangyong into a global builder, the company said.
Ssangyong E&C said that it will carry out the construction projects through a joint venture with such world-class builders as BESIX and CSCEC.’