Monday, January 27th, 2014
Hyundai Development Co. landed an overseas construction deal after 23 years of hiatus.
The company said on January 26 that it won a US$52.9-million order to build an apartment complex in India's Mumbai. The order was commissioned by RNA Corp., India's leading property development company.
The project calls for building "RNA Metropolis," a 54-story 326-unit luxury apartment in Sewri, an area on the eastern edge of South Mumbai. In order to reduce the risk of doing business overseas due to price fluctuations, Hyundai Development will be supplied with steel rebars, ready-mixed concrete, and tower cranes from the commissioning entity. It will set to work on the project from the next month and complete it by September 2016.
With the latest deal, Hyundai Development succeeded in clinching an overseas project in 23 years since the road construction project in the state of Sabah, Malaysia, in 1991. Even though the company was active in overseas construction during the 1970 and 1980 by winning 20 or so orders in the Middle East and South East Asia, it has since focused mostly on domestic housing development projects.