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.