Korean Shinhan Eng. & Const.Co.,Ltd. Wins Bid to Develop Large Apartment Complex in Libya!
A 5,000-unit apartment building (US 500 million dollars) in Tripoli, Libya
Exclusive contract for government-led development projects
2nd agreement is under negotiation
“With a 39-year reputation and impressive success record in construction since 1968, in 2007Shinhan won the bid to construct a large residential complex in Libya”
On August 7, 2007, Korean Shinhan E&C Co., Ltd. signed a development agreement for a 5,000-unit government-led apartment project (the 1st agreement) with the Libyan HIB (Housing and Infrastructure Board).
As the exclusive contractor of the $536 million Libyan government-led project, Shinhan is scheduled to development a new community (210ha) that will include apartments, government & public offices, schools, hospitals, and commercial buildings in Tripoli, Libya. It is expected that the company will further win bids for other large-scale development projects such as water supply & drainage systems, electrical & communication infrastructures, and sewage treatment plants.
Since August 1, Korean Shinhan E&C Co., Ltd. had been sending its 1st task force team to Libya to prepare for the construction project before signing the contract. The company has organized an overseas business division and plans to send the 2nd and 3rd task force teams to Libya in mid August.
A chairman of Korean Shinhan E&C Co., Ltd. signs an agreement with the Libyan HIB
The 5,000-unit apartment project is a huge government-led development project that has long been planned. The signing ceremony was aired on national TV news.
Because Tripoli, the capital city of Libya, is famous for its aesthetic and scenic natural Mediterranean beauty, it will be developed as a city of tourist attractions.
A Libyan government official stated that “We trust Korean Shinhan E&C Co., Ltd. because the company has successfully promoted many projects in countries such as Saudi Arabia, Iran, and Dubai since 1972.” He added that additional Libyan projects were under negotiation with Shinhan.
Chairman of Korean Shinhan E&C Co. Ltd. ,Choon Hwan Kim said, “Based on our solid 40-year know-how and reputation in overseas construction including Korea’s first overseas plant development project in 1972 and many development projects in the Middle East, Malaysia, the U.S., China, and Africa, we will keep focusing on our overseas development business.” He continued, “In particular, we’re very proud of this Libya project because it’s an exclusive contract. We will further sign additional projects with the Libyan government and continue our achievement to write another success story here in Libya.”
Korea Shinhan E&C Co., Ltd. is a construction company founded in 1968. Since the success of an overseas plant development project in 1972, the company has successfully promoted development projects in many countries such as Saudi Arabia, Iran, Dubai, Bahamas, Nigeria, Ecuador, Eritrea, and China.
In Korea, the company has participated in public works (section 703 of the subway line 7 development project and section 2 of the Gyeongwon line development project) and recently won a bid to develop an apartment in Ilun-myeon, Geojedo. The company has also constructed apartment buildings in Dongmun-dong, Seosan and Taean-eup, Taean-gun, and has plans to develop a golf course (3,600,000㎡) and Cheonan Multi-purpose Railway Station & Shopping Mall (180,000㎡), which is expected to bring in about USD 8.6 billion worth of revenue (Aug. 2007).
By the PR Team, Shinhan E&C Co., Ltd.