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Biz News Korea(Eng)
Samsung C&T wins $420 mn worth land reclamation deal in Hong Kong
- Collected
- 2017.12.25
- Distributed
- 2017.12.26
- Source
- Go Direct
Samsung C&T said on Monday its construction unit won a 455 billion won worth deal from Hong Kong’s Civil Engineering & Development Department to reclaim land for housing in Tung Chung on the north-western coast of Lantau Island in Hong Kong.
The Korean construction company formed a joint venture with Hong Kong’s Build King to hold a 49 percent stake in the reclamation project that costs about $858 million. The project aims to resolve the shortage of housing in Hong Kong by reclaiming land of 1.34 million square meters, about half of the gross area of Yeouido in Seoul.
Samsung C&T with an expertise and experience has successfully clinched the deal, an official at the company said. The company plans to break ground for the construction in January 2018 to complete it by July 2024.
By Yong Hwan-jin and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]