Ssangyong Engineering & Construction (Ssangyong E&C) has won a subway construction project worth 305 billion won (US$252 million) in Singapore. Ssangyong, which was acquired by the Investment Corporation of Dubai (ICD) in March last year, won three construction projects worth a total of US$1.6 billion (1.93 trillion won) in Dubai at the same time at the end of last year. With the latest contract in Singapore, industry watchers said the Korean builder has prepared to take off once again.
Ssangyong E&C announced on Jan. 26 that the Ssangyong-led joint venture has bagged a US$252 million (305 billion won) contract to build the TEL 308 section of the subway line from Singapore’s Land Transport Authority (LTA). Under the agreement, Ssangyong will hold a 75 percent stake worth US$190 million (228.95 billion won) in the project and Hyundai 25 percent.
Ssangyong will build the TEL 308 section of the Thomson East Coast Line, which crosses Singapore from north to south and then swings east along the southern coast. The project, which is to lay a 1.78 kilometer subway track, is expected to take 85 months to complete. Also, the TEL 308 section passes through apartment complexes, and requires advanced technical skills to construct it on soft ground conditions.
Lee Gun-mok, director of the overseas business division at Ssangyong E&C, said, “We completed the DTL 921 construction project, which was considered the most difficult subway construction deal in existence, without any injury record for 1.6 million hours, which is a world’s record. The company has also won 24 deals from LTA alone after 2010. Since we have already proved its construction ability and safety control, we were able to bag the latest deal.”