01 June 2019

South Korean builder Ssangyong Engineering & Construction (Ssangyong E&C) says it has won a contract worth KW200 billion ($168 million) from UAE-based wasl Asset Management Group for the construction of a 44-storey residential building, Dubai 1 Residence, within its key community development project in Dubai.

The Dubai 1 Residence, located at the Al Kifaf development – a central residential area tucked between Etisalat Building and Zabeel Park – comprises two towers within the Wasl 1 development.

The first tower, located on plot 4, has a total built-up area of 101,569 sq m, while the second tower boasts a built-up area of 96,103 sq m.

Each of these towers is shaped like the number ‘1’ that faces the other, with the 36th to 42nd floors above the ground connected by a link bridge, says Ssangyong E&C.

In addition to residential facilities, amenities such as swimming pools and parks, apartments podiums and parking space will be built. The project is likely to be completed within the next three years.

The Korean builder says this project is in continuation of its strategic collaboration with Wasl in several other projects including the development of Andaz, a luxury hotel brand affiliated with Hyatt, secured in July last year.

Under a $62-million contract from wasl Asset Management Group, Ssangyong Engineering will build the five-star boutique hotel at La Mer beachfront development in Dubai.

As per the deal, Ssangyong E&C will be responsible for the construction of the 156-room Andaz Hotel, designed by VX Studio. Work is under way on the project and is likely to be completed in 2020. The Andaz Hotel will be built in Jumeirah 1, one of the three areas in the coastal residential district of Dubai. Part of the Hyatt chain, the upcoming property will have seven floors above ground and two underground floors and provide 156 rooms.

In addition to the Dubai contract, Ssangyong E&C has also won a $198-million order from Equatorial Guinea for the development of its Bata International Airport. The company had previously built terminals and other offices buildings in the central African nation.  

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