Hyundai E&C wins $775m land reclamation project in Singapore

July 22, 2014 - 10:08:01 am

SEOUL: Hyundai Engineering and Construction Co., South Korea's No. 1 builder, said Tuesday that it has won a US$775 million land reclamation project in Singapore.

The Tuas Finger One project will proceed in cooperation with Samsung C&T Corp. and Japan's Penta Ocean, the company said.

Hyundai holds a 29 percent stake in the joint venture, with Samsung and Penta Ocean controlling 28 percent each.

Hyundai's share is worth $225 million.

In addition, Voskalis and Van Oord of the Netherlands, who specialize in reclaiming land from the sea, each have 7.5% stakes in the project.

The Tuas Finger One is located in the western part of Singapore and covers about 185 hectares.

Once the reclamation work is complete, it will be used as a new port facility by the city-state.

Construction is expected to take 53 months with the completion date set for January 2019. (QNA)