Daewoo Engineering & Construction Co, South Korea's third-largest builder, has won a US$177 million (RM538 million) contract to build a large-scale commercial complex in Kuala Lumpur.
The contract was awarded by Damansara City Sdn Bhd (DCSB), a subsidiary of GuocoLand (Malaysia) Bhd, which in turn is the property arm of the Hong Leong Group.
This is the second job here for Daewoo E&C in over a month.
Last month, Naza TTDI Sdn Bhd, the property arm of Naza Group, awarded Daewoo E&C a contract worth RM555.9 million to build the new Matrade Exhibition Centre in Kuala Lumpur.
DCSB is developing Damansara City, a flagship integrated development of GuocoLand in Damansara Heights.
Damansara City is one of the key entry point projects under the Economic Transformation Programme to transform Malaysia into a high-income nation by 2020.
The development has been identified by the government as a key catalyst to drive rapid growth in Greater Kuala Lumpur/Klang Valley, which is one of the 12 National Key Economic Areas laid down in the 10th Malaysia Plan.
Damansara City entails the development of two Grade A office towers, two luxury condominium towers, a lifestyle mall and an international-class hotel.
The project, located adjacent to the Damansara Town Centre, will be developed on a prime freehold site of 3.4ha with a total development area of about 2.2 million sq ft.
Daewoo E&C said in a statement it will commence superstructure works next month and complete the entire scope by mid-2015.
- Business Times