Ssangyong E&C signs deal for condos in Vietnam

Ssangyong Engineering and Construction Co. announced Sunday that it has won a $57.8 million contract to build part of a condominium complex in Vietnam.

Under the contract, issued by a subsidiary of the Singaporean real estate developer Keppel Land, Ssangyong E&C will build three of the 12 residential buildings in the Riviera Point Condominium complex in Ho Chi Minh City in southern Vietnam.

Ssangyong E&C said that the buildings, which will house 549 individual properties, will be fitted with a number of eco-friendly features to meet the standards for the BCA Green Mark issued by Singapore’s Building and Construction Authority.

Eco-friendly features the company plans for the project include rain water recycling system and carbon monoxide monitoring system for the underground parking lots, the company said.

In addition to being the second project the company is taking on in Vietnam after an 11-year hiatus from the market, Ssangyong E&C is hoping that the deal will lead to additional contracts.

“The deal places the company in an advantageous position to win further contracts in the construction of the Riviera residential complex,” a Ssangyong E&C official said.

In August Ssangyong E&C was signed on to build a section of the Southern Coastal Corridor Project, which was the Korean builder’s first project in the Southeast Asian country since 2000.

By Choi He-suk  (cheesuk@heraldcorp.com)