SEOUL-- Major South Korean builder Hyundai Engineering & Construction Co. said Monday it has clinched a 240 billion-won (US$207 million) contract to redevelop a high-rise building in Singapore.
Under the deal, Hyundai E&C will redevelop Shaw Towers, a now defunct high-rise commercial building in the Southeast Asian city-state, into a 32-story office building and a six-story neighborhood facility.
Construction will be completed 38 months after ground is broken. Hyundai E&C didn't say when it will start work on the redevelopment project.
At the time of its completion in 1975, Shaw Towers, located on Beach Road in Singapore, housed the largest cinema in the city-state.
Hyundai E&C said it will try to make the envisioned building eco-friendly and less energy-dependent in order to obtain a "green mark" from Singapore's construction authorities.
Since making inroads into Singapore in 1981, Hyundai E&C has won 91 construction deals worth $15.2 billion. Currently, construction projects worth $2.1 billion are underway at 11 sites, the company said.
Source: Yonhap News Agency