Ssangyong E&C-led joint venture wins $252m subway deal in Singapore

Ssangyong Engineering & Construction said Tuesday the builder-led joint venture has won a 305 billion won ($252 million) contract to build a subway line from Singapore’s Land Transport Authority. 

Together with Hyundai E&C, Ssangyong E&C will construct the Marine Terrace MRT station by 2023, part of the east coast stretch of the upcoming Thomson-East Coast Line.

“The contactor chose the Ssangyong-led joint venture through the “price quality method,’’ which evaluated various aspects of the company, including cost control, construction ability, safety control and financial health of the builder.

The Korean builder had already proved its capability by completing the construction of Singapore’s Downtown Line 2’s Rochor and Little India stations, the company said.

It is the second deal that the company has won overseas for the past few months following a $1.6 billion contract in Dubai last month.

Industry watchers said the series of deals shed light on the growth vision of the builder, which was acquired by the Investment Corporation of Dubai last January. 

By Seo Jee-yeon (jyseo@heraldcorp.com)