Hyundai wins a $775 million land reconstruction venture

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Hyundai wins a $775 million land reconstruction venture

Hyundai Engineering and Construction, Korea’s largest builder, said yesterday that its consortium has won a $775 million land reclamation project in Singapore.

Issued by state-run company JT Corporation, the Tuas Finger One project aims to use 185 hectares of land recovered from the sea to be used as a new port facility. The project is expected to be finished by January 2019.

Hyundai E&C said that it won the project along with Korea’s Samsung C&T, Japan’s Penta Ocean and the Netherlands’ Voskalis and Van Oord. Hyundai E&C will receive $225 million, a 29 percent stake, while Samsung C&T and Penta Ocean each have a 28 percent stake.

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