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Daewoo Engineering wins US$190m hotel contract in KL

SEOUL: Daewoo Engineering & Construction Co, South Korea's fourth-largest builder won a US$190 million (RM575.7 million) deal to build a luxury hotel in Kuala Lumpur, reports South Korea's Yonhap news agency on Tuesday, June 14.

The deal was signed with One IFC Residence Sdn Bhd, a joint venture between property developer Malaysian Resources Corp Bhd and financial firm CMY Capital Sdn Bhd.

In a statement, Daewoo Engineering said that the company will take 48 months to complete the 48-storey hotel.

However, it did not elaborate further on when the project will commence.

The latest order has raised Daewoo Engineering's orders this year to about US $1.56 billion, the company said.

Daewoo Engineering entered the Malaysian construction market in 1983. Daewoo Engineering is aiming to post US$5.3 billion in overseas orders this year. — Bernama

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