Ssangyong won about 300 billion won this year only in the luxurious residence sector in Malaysia
Ssangyong Engineering and Construction announced that it received a US$145 million (154 billion won) order to build Damansara City 2 Parcel 1, a luxury apartment in Malaysia. The order was placed by Damansara City Sdn Bhd, a subsidiary of real estate developer GuocoLand in Malaysia, which conducts luxury housing projects in Singapore, Malaysia, China and Vietnam.
To be built in Damansara Heights, a new booming area in Kuala Lumpur, Damansara City 2 Parcel 1 consists of two 30-story buildings and 268 rooms. The complex will feature a total of 12 different types of rooms, measuring from 110.99m2 to 647.3m2. The company will build various facilities at the level of five-star hotels, such as a poolside barbecue garden, a swimming pool and a ballroom in the complex, as well as design wide bedroom and living room windows that will allow fine views of the city. Construction is expected to be completed by March 2014. ”We are able to continue our reputation as a leader in the luxury building sector in Malaysia by receiving luxury residence orders amounting to 300 billion won,” said a spokesperson of Ssangyong Engineering and Construction. “We expect to have an edge in winning orders for future construction projects in Malaysia.”
Furthermore, in addition to receiving a US$127 million order to build LE Nouvel@KLCC designed by Jean Nouvel, the world-class French architect, Ssang-yong Engineering and Construction has carried out construction projects worth US$740 million in Malaysia, including the Shah Alam Tower Center, Sarawak Mosque, Kuching Inner Sports Complex, Menara Landmark Hotel, Selayang Hospital, Suasana Sentral Condominium and Penggawa Housing Development.
Ssangyong Engineering and Constru-ction is also active in Vietnam. The builder announced that it recently won a contract worth US$47.3 million US dollars to construct a coastal road in Vietnam. The project, ordered in partnership by the Ministry of Transport of Vietnam and the Economic Development Cooperation Fund (EDCF) of the Export-Import Bank of Korea had to compete with 13 other companies. Ssangyong Engineering & Construction won the contract because it scored highest in technology and cost competitiveness.
The construction period is 29 months, with construction conditions appearing to be good considering the advances already received. The construction area is 31km of coastal road and features 36 bridges connecting Thu Bay with Kenh located in the southern part of Vietnam. The project is a part of the 924km Southern Coastal Corridor Project (SCCP) connecting Bangkok, Cambodia and the Ca Mau Province of Vietnam. For the six countries neighboring the Mekong River, not including Vietnam (Thailand, Laos, Vietnam, Cambodia, Myanmar, China Yunnan Sheng), the Asian Development Bank (ADB) has lead infrastructural construction and development, which in turn is expected to lead to further such contracts in the future.
“It’s been 11 years since the completion of the Dami Dam in Vietnam in 2000. We are expecting to receive more contracts and other projects related to luxury buildings, which are our company’s strong point, since there have been construction loans for infrastructure and the economic growth rate has increased an average 7% since 2009,” a spokesperson said.
Ssangyong Engineering & Construction Co., Ltd has a history of constructing luxury buildings, including the Tower of Hanoi and Hotel Sofitel Plaza Hanoi, since tapping into the Vietnamese construction market in 1995. The company is expanding its business field through re-entry into Malaysia and Vietnam, as well as the Middle East, Africa, Russia, etc.