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Ssangyong-led consortium wins project for free economic zone in Incheon
2007-05-23
A consortium led by Ssangyong Engineering and Construction received an order worth 110 billion won on May 23 to develop a fifth site at a free economic zone in the Cheongra district of Incheon city.
The order was awarded by Korea Land Corp. and Ssangyong owns a 17.5 percent stake, or 19.4 billion won, in the consortium.
The contract calls for the Ssangyong-led consortium to build the site sized 4,837,954 square meters at the Cheongra district over 60 months.
The Cheongra district, which will house financial and international office buildings as well as leisure and sports centers at a site of 5.38 million pyeong (one pyeong is 3.3 square meters) is one of three free economic zones along with Yeongjong and Songdo districts in Incheon.
Meanwhile, the order is expected to increase Ssangyong’s status in projects for the free economic zones by one notch because it comes after Ssangyong won another order from Incheon Regional Maritime Affairs and Fisheries Office in May last year to build a quayside in the northern port of Incheon.