Ssangyong E&C News
Ssangyong E&C Receives $750 Mil. Highway Construction Project in Singapore
Ssangyong Engineering & Construction has landed an underground highway construction project worth US$750 million (850 billion won) from Singapore.
The Korea-based global builder announced on Dec. 26 that it has been chosen to build the N102 and N111 sections of the North South Corridor (NSC) promoted by the Land Transportation Authority (LTA) of Singapore.
Ssangyong E&C landed the US$400 million N111 Section solely and secured 85% of the US$350 million N102 Section by forming a joint venture with local company Wai Fong. Ssangyong E&C's total order receipts amount to US$700 million.
Ssangyong E&C said it could win the two projects as it received a high score in the non-price category of the price quality method (PQM) used for tender evaluation. A PQM system comprehensively evaluates contractors’ construction capabilities, technology, safety management capabilities and management performance. Ssangyong E&C was chosen for the two projects although the prices it offered were not the lowest.
Ssangyong E&C has won recognition in Singapore for its technological prowess. It nabbed the LTA Award (LTEA) from the Singapore Land Transportation Authority in 2016, becoming the first Korean company to win the award. In 2013, it was ed as the ASAC Champion.
“The client’s strong trust in Ssangyong E&C’s high-quality construction capabilities and technological excellence made it possible for the company to land the order,” said a company official.
The N102 Section of the underground highway is known to be the toughest section of the 21.5km NSC, which connects Marina Bay in the southern part and the northernmost Woodland area in Singapore. The section will be built as an underground highway between two metropolitan subway lines (DTL and NEL).
"With the addition of the two projects, we have achieved US$2.15 billion in orders from the Singapore civil engineering section since 2008," said Lee Jong-hyun, managing director of Overseas Civil Engineering at Ssangyong E&C.
The Korean builder landed the contract three months after it won US$420 million orders for high-rise complexes and hotels from Malaysia and Dubai in September. The company’s cumulative overseas orders for this year has reached US$ 1.5 billion.