HanmiGlobal is expected to earn US$9.654 billion in project management fee for Universal Entertainment’s stage one construction of complex facilities
HanmiGlobal (CEO: Kim Jong-hoon), South Korea’s leading Project Management/ Construction Management (PM/CM) company, announced on July 19 that it signed a Program Management (PM) agreement for constructing a resort in Manila Bay in the Philippines with Universal Entertainment, the world’s top developer and operator of casino resorts.
The complex project aims to construct casinos, hotels, accommodation, commercial facilities, and leisure facilities. The resort is located in Entertainment City, or simply Pagcor City in Manila, the Philippines. Construction with a gross floor area of 1,333,200m2 (approx. 400,000 pyung) will be built in four stages on the project site spanning 446,200m2 (approx. 135,000 pyung).
In the first stage, casinos, hotels with 1,100 rooms, a large dome with a glass roof, and passageways will be built with a gross floor area measuring 442,600 m2. In the second stage, hotels and cool zones – a water amusement park for visitors inside hotels – will be constructed. In the third stage, commercial and amusement facilities will be stationed. In the final stage, large-scale residential facilities will be constructed.
The PM agreement regards the first stage of the four-stage project. The construction cost for this stage is estimated at US$708 million in total (approx. 821 billion won). The total for all stages is expected to surpass US$1.41 billion (approx. 1.642 trillion won). For HanmiGlobal, the project management (PM) cost for the first stage construction stands at US$9.654 million (approx. 11.2 billion won). The Korean company plans to make the best use of its technological power and expertise in order to perform project management for the other remaining stages.
HanmiGlobal has succeeded in winning the project management contract by demonstrating its experience and technologies acquired through years of large-scale resort facility project management. These construction projects include the large-scale Macao project – the Venetian Hotel and Casino (3,000 suite rooms, the world’s largest casino, exhibition facilities, and shopping mall), the Sands Macao (hotel and casino), the Sands Cotai Central (casino, exhibition facilities, and shopping mall), the Four Seasons Hotel, and four luxury hotels with 6,000 rooms (the Sheraton Hotel, the Conrad Hotel, the Holidayinn Hotel, the St Regis Hotel) – Marina Bay Sands Hotel project in Singapore, and the Alpensia project in Pyeongchang, the venue for the 2018 Winter Olympics. With this rich experience, HanmiGlobal plans to implement the project management of the Manila Bay Resort to ensure it becomes the world’s best resort in terms of both function and beauty.
HanmiGlobal Chairman Kim Jong-hoon expressed his opinion about his company’s recent business achievement, saying, “HanmiGlobal has won a large-scale project from foreign clients in the Philippines, not to mention those in Saudi Arabia, Libya, and India. This shows that our company’s technological power and PM capabilities have been acknowledged on the global market. In this regard, our recent achievement is very meaningful.”
The Korean PM/CM company will manage everything, from the selection of constructors to the management of designs, construction processes, costs, and construction. The project cost will be financed directly from the client, which guarantees the stability and schedule of the project.