01 February 2020

Leading Korean group Hyundai Engineering and Construction Company (Hyundai E&C) last month won two contracts worth a total of 1,222.3 billion won ($1.05 billion) for the contruction of office towers in Lusail City Financial District.

Hyundai E&C said on January 14 that it received a letter of authorisation (LOA) for the construction of the Lusail Plaza Tower Plot 3 worth 609.3 billion won from the Qatar Real Estate Development Company. This followed an order it secured on January 2 for a 613 billion won order to build the Lusail Plaza Tower Plot 4.

The Lusail area is the venue for the 2022 World Cup finals in Qatar, where Hyundai E&C will be in charge of building large buildings following the ongoing highway construction, which will create a landmark for the region at the same time.

Lusail Plaza Tower Plot 3 calls for building auxiliary facilities such as office buildings and shopping districts with five basement levels and 65 storeys above the ground.

Lusail Plaza Tower Plot 4 will accommodate 70-storey buildings to be completed by the end of October 2022, reported Yonhap.

With the entire project made up of four plots, Hyundai will carry out half of the development. The construction period is 34 months after the start of construction, with completion targeted for 2022-end.

Hyundai E&C has so far won orders worth $9.4 billion for 22 projects in Qatar since 1979, when the builder first clinched an order to build a hotel in the Gulf country, it added.  

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