Daelim Wins KRW 710 Billion Singaporean Port Project
DATE 2015.02.16
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Daelim Wins KRW 710 Billion Singaporean Port Project
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Site Daelim announced on February 16, 2015 that it won the Tuas Terminal phase 1 construction project ordered by the Maritime and Port Authority of Singapore. Total construction cost is about KRW 2 trillion, and Daelim will implement the project together with Belgium’s Dredging International by forming a joint venture. Dredging International is the world’s largest dredging company. Daelim’s stake is KRW 710 billion of the total construction amount.
This project was ordered according to a port relocation plan implemented by the Singaporean government. It constitutes phase 1 of the project to build a world-class port through reclamation, dredging, and wharf facilities construction in Tuas located southwest of Singapore. Daelim won the project following a bidding war with Japanese and Dutch companies for a year. The construction duration is 6 years.
Daelim successfully entered the Singaporean market – which is led by advanced construction companies – by winning the port project following the successful completion of construction of the Marina Coastal Expressway in 2013 and Thomson East Coast Line project in 2014. Daelim has made remarkable achievements in overseas civil engineering markets as of February 2014 with KRW 1.2 trillion worth of orders including Brunei’s sea bridge construction and Singaporean port construction.
As the company enters the port area, Daelim now boasts of a balanced business portfolio aside from its core businesses -- special sea bridge, hydroelectric power plant, and subway. Daelim is forecast to establish a foundation for stable earnings in the overseas civil engineering and infrastructure markets.
