Construction of a 34-Story Office Tower Foundation and New Substation & Management Building
Project Worth Approximately $150 Million (About 170 Billion KRW) Starting This Month
Ongoing Substation Site Preparation and Underground Construction Linkage Project
[Asia Economy Reporter Kangwook Cho] Hyundai Engineering & Construction has independently secured a construction contract worth 170 billion KRW for the first phase of the Labrador Office Tower and the construction of a substation/management building for Singapore's SP Group.
On the 15th, Hyundai Engineering & Construction announced that it received the Letter of Award (LOA) for this project last month from the client, Singapore's SP Group. SP Group is Singapore's largest electricity and gas distribution company and signed a business agreement with Hyundai Motor Group at the end of last year to establish an electrification ecosystem in Singapore and explore new businesses utilizing batteries.
This project involves constructing a four-story underground substation and a five-story aboveground management building in the Pasir Panjang area in the southwest of Singapore, while simultaneously carrying out foundation work (retaining walls and pile work) for a future 34-story office tower to be ordered later. The site area is 23,375㎡, and the total floor area is 95,457㎡. Construction began this month. The construction period is 33 months from the start, with a total contract value of approximately 150 million USD (about 170 billion KRW).
Previously, in 2018, Hyundai Engineering & Construction secured the foundation work for a 230kV underground substation on the same site (worth about 87.5 billion KRW) and is currently carrying out the construction. This recent contract, linked to the previous project, is evaluated as having secured a favorable position for winning the future 34-story office tower contract.
A Hyundai Engineering & Construction official said, "We are successfully carrying out the ongoing foundation work for the underground substation, and this contract, obtained based on the client's trust, holds even greater significance," adding, "We will mobilize all company capabilities to successfully complete the construction and aim to win the upcoming office tower bid."
Meanwhile, Hyundai Engineering & Construction is currently executing 12 projects worth 2.2 billion USD, including underground substation site preparation and underground work, the second phase of the Tekong Island reclamation project, and the Buknam Expressway construction.
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