SIngapore metro © 123RF
SIngapore metro © 123RF

Ssangyong wins Singapore metro deal

11 February 2016

A consortium led by Korea’s Ssangyong Engineering & Construction has won a $252m contract to construct part of a subway line in Singapore.

Ssangyong has a 75% stake in the project to build the metro line and Hyundai Engineering & Construction a 25% stake.

The deal includes building the 1.8km of the Thomson East Coast Line that crosses Singapore from north to south, the Marine Terrace Station and two tunnels underneath parts of the city.

The project is set to take eight years to complete.

Ssangyong E&C has already completed the construction of Singapore’s Downtown Line 2’s Rochor and Little India stations as well as other parts of infrastructure in the city. The company was reported as saying that it was “significant” that it had co-operated with rival Hyundai to win the project.

In December the company, which was acquired by the Investment Corporation of Dubai (ICD) early last year, was also part of a consortium to be awarded a $1.6bn deal in Dubai.

A consortium made up of Ssangyong, Belgian group BESIX and Chinese builder China State Construction and Engineering Corporation won the contract to build the 795-room Royal Atlantis Hotel worth $840 million, the upscale Palm Gateway apartment complex worth $386 million and an office building complex worth $370 million.

Ssangyong said its part of the deal alone would be worth $730 million.

The company’s acquisition by ICD is expected to help it win significant contracts in the Middle East.

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