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Ssangyong Engineering selected as preferred bidder for landmark building at Sangam DMC

2008-05-29

A consortium led by Ssangyong Engineering and Construction Co. was chosen as a preferred bidder on May 29 for a project financed to build a landmark building at Sangam Digital Media Center (DMC) by the Seoul Metropolitan Government.

The project calls for a consortium to build the world’s second-tallest 133-story building, which would be 640 meters high, including a 100-meter-long broadcasting spire, at F1 and F2 blocs of Sangam DMC. The building, which would have a total space of 693,000 square meters, will house a department store, a shopping mall, a convention center, offices, a hotel, 269 apartments as well as other commercial facilities.

Construction spending will total some 3.5 trillion won (US$3.3 billon). Ssangyong has a 2 percent stake in the consortium. Construction will take approximately 60 months commencing in 2009. In the meantime, global information-technology and media companies such as Microsoft, Oracle, Google and CNN are considering renting their offices at the landmark building in Sangam DMC.

A foreigner-only casino and a museum for overseas luxury brands are also planned at the building.