SEOUL, Korea - April 13, 1998 - Samsung Corporation's Construction Division (President Kim Hun-Chool) announced today that it has won the US$55 million Mayfair Condominium construction order in Singapore on April 9.
Keppleland, the real-estate investment and development arm of Singapore's largest company, the Kepple Group placed the order with Samsung for a four-block, 20-story condominium complex near Jurong Park located in the southern part of Jurong. A total of 452 units will be constructed.
Samsung estimates the construction period will be approximately 26 months, commencing April 22 this year and ending in June 2000.
Samsung was able to win this private contract from Keppleland based on cooperative ties between the two companies as well as Samsung's proven capability in the Pebble Bay condominium construction project, which was also a contract from Keppleland.
Samsung, once again has been able to prove its excellence in construction capability. At the same time, the company has gained an advantage in future orders from the Singapore construction market, which is the only one in Asia unaffected by the financial crisis and is continuously placing orders.
Samsung started to make inroads into the Singapore market when it first opened a branch office at the end of 1992. The first construction project was the Meyer condominium complex carried out in 1993. Samsung has recorded over US$500 million in orders from Singapore alone. Currently, three construction projects are underway including the Jurong region landfill and a section of the MRT (Mass Rapid Transport) subway.
Samsung Corporation's Construction Division carries out various construction, civil engineering, industrial plant and land development projects around the world. The company gained worldwide recognition for completing the Malaysia KLCC Petronas Tower construction project, the world's tallest building, and has obtained ISO 14001 quality certification for all operations related to construction. Samsung Corporation, Korea's largest general trade company for nearly 60 years, employs over 9,000 people and had 1996 revenues of US$28.6 billion.