Meed | South Korean contractor wins Dubai tower project

South Korean contractor wins Dubai tower project

31 March 2023

Local developer Wasl has awarded South Korea-based Ssangyong Engineering & Construction the main construction contract for its Park Views Residences project in Dubai.

The AED440m ($120m) scheme involves the construction of a 44-storey tower with three basements. Its total floor area will be 104,731 square metres.

The scheme is planned on plot six of the Al-Kifaf development's third phase.

The building will feature 465 units and various amenities and facilities.

The 38-month contract is the second deal signed by the South Korean firm with Wasl and follows the delivery of a building on plot five of the Al-Kifaf development's second phase in June 2022.

The Investment Corporation of Dubai (ICD) sold its shares in Ssangyong E&C to South Korean textile company Global SAE-A in December 2022. ICD bought Ssangyong E&C in 2015 for $145m.

Ssangyong E&C has delivered several projects in Dubai. They include ICD Brookfield Place, completed in a joint venture with Brookfield Multiplex, and the Royal Atlantis on the Palm Jumeirah as part of a joint venture with Belgium's Six Construct.

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Eva Levesque