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

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.