M+S awards $2b deals to Korean, Japanese firms

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http://www.businesstimes.com.sg/spec...firms-20130906

Published September 06, 2013

M+S awards $2b deals to Korean, Japanese firms

They are for two building jobs - DUO and Marina One

By Felda Chay [email protected]


Marina One: This contract was clinched by a Korean consortium of Hyundai Engineering & Construction and GS Engineering & Construction. - FILE PHOTO

M+S, the joint venture firm between Khazanah Nasional and Temasek Holdings, has awarded construction contracts worth over $2 billion to a Japanese contractor and a Korean consortium of builders for work on its two mixed-use development projects here.

One was awarded to Japan-based Obayashi Corporation for the building of the Ophir-Rochor located DUO, while the deal to build the Marina South located Marina One was clinched by a Korean consortium of Hyundai Engineering & Construction and GS Engineering & Construction.

Construction for both DUO and Marina One is expected to start later this year. Already, initial piling works for DUO have been completed, while piling for Marina One is scheduled for completion this year.

Both projects are expected to be completed in 2017.

The DUO project consists of DUO Residences, a 49-storey residential block that will house 660 apartments on a 99-year leasehold tenure, and DUO Tower - made up of a 39-storey commercial and hotel complex.

It will also have a retail gallery on the ground podium called DUO Galleria, which will come with a basement carpark. The entire project has a gross floor area (GFA) of 1.73 million square feet.

Marina One will have two 30-storey office blocks called Marina One East Tower and Marina One West Tower.

It will also have two 34-storey, 99-year leasehold residential blocks with 1,042 apartments, and a retail podium. Its total GFA is 3.67 million sq ft.

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http://www.straitstimes.com/premium/...-bids-20130906

'3 reputable contractors' win M+S bids

Published on Sep 06, 2013

By Anita Gabriel Senior Correspondent


JAPANESE construction giant Obayashi and South Korea's Hyundai and GS Group have bagged $2 billion worth of contracts to build two mixed developments here.

The tenders were awarded by M+S, of which 60 per cent is owned by Malaysian sovereign wealth fund Khazanah Nasional. Singapore's Temasek Holdings holds the rest.

Obayashi will build the DUO project in Ophir-Rochor. It will comprise a 49-storey block of 660 flats, a 39-storey commercial and hotel complex and a retail gallery with basement carparks.

The Korean consortium of Hyundai Engineering & Construction and GS Engineering & Construction will build Marina One in Marina South, which comprises two 30-storey office blocks and two 34-storey residential towers, with 1,042 apartments in all.

Marina One also includes four basement levels, an underground pedestrian network and an ancillary road network.

The awarding of the contracts to "three reputable contractors" marks a milestone for the development of DUO and Marina One, said M+S chairman Azman Yahya in a statement yesterday.

Construction on the projects is expected to start this year with completion due in 2017.

Initial piling works at DUO have been completed and piling for Marina One is scheduled for completion this year.

The projects, with a gross development value of $11 billion, arose from a historic land swop between Singapore and Malaysia over the KTM railway site.

While highly anticipated, not least because of their location and offerings, industry watchers expect "some challenges" as the various rounds of property cooling measures could affect sale prices.

"These measures effectively have taken out much of the speculative elements in the property market. Transaction volumes in the high-end segment somewhat reflect that," said an analyst.

A source close to the project said that while the curbs have made the development more challenging, they have also made it "more interesting".

"You need some talent and innovative ideas. Some of what M+S plans to do are going to be very different and creative," said the source.

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