Ssangyong E&C wins $180m deal in Singapore

Ssangyong Engineering & Construction Co. said Tuesday that it has won a $180 million contract to build a new college campus in Singapore.

The deal signed with the National University of Singapore on Monday, calls for the South Korean company to build facilities, including dormitories, a library and lecture halls for Yale-NUS College.

Ssangyong E&C said the project will be completed 29 months after work begins later this month.

The latest order comes weeks after Ssangyong E&C’s creditor banks announced the provision of 130 billion won ($117 million) in a bid to help the cash-strapped builder turn around.

Last month, the Korea Asset Management Corp., the state-run debt-clearer that owns a 38.8 percent stake in Ssangyong E&C, also provided 70 billion won to the builder. (Yonhap News)