Ssangyong JV in $1.6bn win
01 March 2016
Korean builder Ssangyong has won three big projects in Dubai worth $1.6 billion in joint venture with European contractor Besix and China State Construction Engineering Corporation.
The consortium will first build the Royal Atlantis Hotel worth $840 million, followed by the $386-million Palm Gateway project and an unnamed office building complex at an estimated cost of $370 million, reported The Korea Times.
Of the $1.6 billion contracts, Ssangyong – which was recently acquired by the Investment Corporation of Dubai (ICD) –will take $730 million, stated the report.
As per the deal, Ssangyong Engineering and Construction will build the new $1.4-billion Royal Atlantis resort at Palm Jumeirah alongside contractor Besix (Belhasa Six Construct).
The Royal Atlantis Hotel will comprise a 47-storey hotel with 795 rooms and a 37-storey apartment building with 231 units.
The Palm Gateway is an upscale apartment complex with three buildings and 1,265 units. The project is being implemented with China State Construction Engineering Corporation.
The third project entails constructing several high-rise office buildings, according to the report.
The acquisition by ICD, which has nearly $200 billion under its management, is seen helping Ssangyong secure more lucrative deals in Asia, the Middle East and elsewhere.
The company spokesman said the latest projects will help Ssangyong emerge as one of the world’s leading construction powerhouses.
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