The Korea Herald


Hyundai Engineering wins $672 mln order from Singapore


Published : Aug. 4, 2011 - 15:20

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Hyundai Engineering & Construction Co., South Korea's top builder, said Thursday that it has won a $672 million deal to build two office and residential towers in downtown Singapore.

Under the deal with South Beach Consortium, Hyundai Engineering will construct the two complex buildings on Beach Road in the heart of Singapore. The 34- and 45-story towers will house hotel rooms, business offices and other facilities, according to the builder.

It will take 38 months to complete the project, said Hyundai Engineering.

Hyundai Engineering said the latest deal from Singapore raises its cumulative overseas orders to $80.4 billion, becoming the first South Korean builder to breach the $80 billion mark.

Hyundai Engineering said that it has won overseas orders valued at $2.19 billion so far this year, and expects to win more orders from Kuwait and Vietnam in the second half of this year.

Hyundai Engineering posted a 3.5 percent on-year slip in its second-quarter sales and a 17 percent drop in net profit. (Yonhap News)