Hyundai Engineering & Construction Co., one of South Korea's leading builders, has clinched this year’s first overseas deal in Singapore. The company won a part of the Tuas Port project worth US$1.1 billion (1.2 trillion won) in Singapore on Feb. 22.
The Tuas Terminal Phase 2 development is a part of the Tuas Port project by the Maritime and Port Authority of Singapore and includes the design and construction of 387 hectares of land reclamation works at the Tuas Port in western Singapore. The reclaimed land will be used as sites for port facilities in the future. The project is due completion in March 2027 with 108 months of a total construction period.
Hyundai E&C will be responsible for 35 percent of the project, or US$390 million (410 billion won), while the rest will be carried out by Japan’s Penta Ocean Construction Company and Netherland-based Royal Boskalis Westminster.
An official from Hyundai E&C said, “As Hyundai E&C has been successfully reclaiming lands, which are equivalent to 7 percent of the total area of the city state, it is strengthening its leading position in the marine sector. Accordingly, Hyundai E&C will be in an advantageous position to win more reclamation projects in Singapore in the future as part of its long-term national land development plan.”
Starting with the Pulau Tekong project, Hyundai E&C entered Singapore’s landfill market in 1981.Since then, the company has won 84 reclamation projects, such as Pasir Panjang Terminal Phase 3 and 4 development and Marina South complex development, worth a total of US$13.8 billion (14.87 trillion won). Currently, Hyundai E&C is carrying out 10 projects, including three dredging and reclamation, civil engineering and construction projects worth US$2.6 billion (2.8 trillion won).