Samsung C&T bags $469 mn underground highway project in Singapore

2018.05.24 14:52:07 | 2018.05.24 15:36:04

[Photo provided by Samsung C&T Corp.]이미지 확대

[Photo provided by Samsung C&T Corp.]

Samsung C&T Corp., construction arm of Samsung Group, has won an order worth 630 million Singapore dollars ($468.5 million) to construct an underground highway in Singapore from the Southeast Asian country’s Land Transport Authority, the company said Thursday.

Under the contract, Samsung C&T will build a 1.37-kilometer long underground highway running through Toa Payoh, central Singapore and related facilities. The company is the sole developer for the contract and plans to start construction this month for completion by November 2026.

The company said it won the project with its design to solve the chronic traffic jam instead of low bid price. In November, it secured a $629 million underground project, which involves designing and constructing a 1.25 kilometer stretch of an underground expressway on the North-South Corridor in Singapore.

The company has completed other major projects in Singapore, including two sections of the underground expressway on Marina Coastal Expressway. In 2016 it won the top civil engineering award from Singapore’s Construction Agency for MCE 483, one of the two expressway constructions.

Separately, the company won its first overseas construction project for this year in Indonesia in March. It clinched a 1 trillion won ($926 million) project building Indonesia’s largest combined cycle power plant in consortium of GE Power and Jakarta-based PT Meindo Elang Indah and it is responsible for a 510 billion won interest of the mega project.

Shares of Samsung C&T closed Thursday down 0.77 percent at 129,000 won.

By Yong Hwan-jin and Cho Jeehyun

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