Posco E&C breaks ground on two high-rises in IndonesiaPosco Engineering & Construction said Friday it had broken ground for two high-rises in a central business district in Jakarta, Indonesia.
The construction arm of Korea’s top steelmaker, Posco, said the buildings would be constructed at a cost of about $300 million for completion in 2020.
Rajawali, one of the largest Chinese-owned conglomerates in Indonesia, has placed the order to construct a 27-story hotel and 55-story residence and office tower.
The ground-breaking ceremony was held in Jakarta on Wednesday with Posco E&C President Han Chan-kun and other dignitaries attending. Posco E&C said that after successfully completing the construction project, it would seek to win an order to build a nearby sewage treatment facility and work with Rajawali in the coal-fired power plant and battery sectors.
The builder also said it would start construction on a commercial-residential complex of five 21-story high-rises in a free economic zone in the Philippines, a 90-minute drive from Manila, on Wednesday. It marks the first overseas advance of its apartment brand, “The Shop.”
Posco E&C has been ramping up efforts to boost its presence in fast-developing Southeast Asian countries.
More in Industry
Buffet restaurants adapt to pandemic by nixing the buffets
Sale of Doosan Infracore stake could be opportunity for Hyundai Heavy
Volvo XC60 ranks No. 1 for residual value in Encar study
Binggrae to scoop up ice cream competitor after FTC approves merger
LG accepting orders for rollable, $85K television