Hyundai E&C wins $526m Lusail towers deal
SEOUL, January 15, 2020
Hyundai Engineering and Construction Company (Hyundai E&C), a major South Korean builder, said it has been awarded a 609 billion won ($526 million) contract to build two towers in Qatar.
Hyundai E&C said it has received a letter of award from Qatar's Lusail Real Estate Development Company for a project to build two of four Lusail Plaza Towers, a Yonhap news agency report said.
The 65-storey buildings, with an additional five underground floors, are part of the Lusail City Financial District located in the planned city of Lusail, which is currently under construction in Qatar.
The construction will be completed by the end of 2022, the company said.
The builder had on January 2 clinched a 613 billion won order to build the Lusail Plaza Tower Plot 4 from the same developer.
Lusail Plaza Tower Plot 4 will also accommodate a 70-storey building to be completed by the end of October 2022, reported Yonhap.
The upcoming offce tower will also boast five underground floors, it stated.
The entire project being developed by Lusail Real Estate Development Company comprises four plots, of which Hyundai will carry out two. The construction period is 34 months after the start of construction.
The planned Lusail City, located about 15 km north of the capital city of Doha, encompasses an area of 38 sq km, including four islands.
Hyundai E&C has so far won orders worth $9.4 billion for 22 projects in Qatar since 1979, when the South Korean builder first clinched an order to build a hotel in the Gulf state, the company said.
In a separate deal, Hyundai E&C also bagged a deal to build a sports center in Singapore, with its stake in the project valued at 190 billion won.
