Samsung C&T Continues March

Construction arm of Samsung Group continues to win huge construction projects in Dubai and at home

Samsung C&T Corp. won a project order worth $1.08 billion in Dubai, the United Arab Emirates, from Nakheel Corp., which is engaged in the development of the Palm Jumeirah Complex in Dubai, the company said recently.
The construction arm of Samsung Group, which is nearing completion of the Burj Dubai, the world's tallest building when completed in the fall, nabbed the Palm Jumeirah Village Center project, which involves the construction of a number of tall buildings including two 47-story buildings with rooms for 530 families, shopping malls, department stores and theaters, among others, with a total space of 601,675 square meters targeted to be completed in 2013, the company said.
The huge construction project draws global attention as it came despite the economic slowdown sweeping the world, while many big infrastructure projects are being reexamined due to financial difficulties.
Nakheel has decided to go ahead with the project as it is a key part of the man-made island of Palm Jumeirah, providing various important facilities on the island such as residential and office space and shopping malls, a core commercial center, the company said. Nakheel is the owner of a number of key construction projects on the island including Palm Jumeirah, Palm Deirah, Palm Jebel Ali, and the World, along with its major rival Emaar Co., the owner of the Burj Dubai super skyscraper.
Vice President Kim Kei-ho said the company won the project because of its reputation as a builder in the Middle East, undertaking a number of key projects using its construction technology prowess as its base.
Samsung C&T's overseas construction projects, worth $3.7 billion in 2008, include the Palm Jumeirah Village Center project, the power and water treatment facility project, Abu Dhabi Slam Underground Motorway project and the Marina Coastal Highway project in Singapore.
The company plans to win similar projects overseas this year, too, based on the reservoir of competitive high-level construction technologies secured through its overseas construction work in past years.
The company also announced recently that it signed a contract to undertake the Parc 1 project for Skylan Group to build a high-rise building in Yeouido, Seoul, a multi-purpose commercial complex, at a total cost of 1.331 trillion won.
The project involves the construction of two high-rises in Yeouido, one 69 stories high and the other 52 stories high, at the old Unification Church parking lot with a total space of 46,465 square meters. Other facilities include an 8-story shopping mall, and a 30-story high hotel with 400 rooms. The entire space of office and commercial facilities will be 630,361 square meters when completed in 2011, the company said. The entire investment in the project is expected to run some 2.2 trillion won and the first phase of the project broke ground in December last year.
Samsung signed an MOU in May 2006, followed by a contract for the construction of civil work and basic underground work, and was able to secure 1.3 trillion won worth of the project this time based on the results of diversified technical tests and negotiations, the company said.
Samsung won high marks from the project owner for its provision of intensive pre-construction services including the design, technical analysis, calculation of construction period and budgeting, along with its expertise of having built the Burj Dubai and the Samsung headquarters building in Seocho-dong, southern Seoul, all super-sized structures, without an inch of mistake.
Parc 1 was designed by a group of architects led by Lord Richard Rogers, a truly worldly architect and winner of the Pritzker Prize. The Skylan Group is a multinational property developer responsible for design, construction and management of the buildings under the project. nw

A drawing of Burj Dubai, the world's tallest building nearing completion being built by Samsung C&T.