Ssangyong E&C announced that it was awarded in late January as the sole winning bidder for the PLOT6 Luxury Residential Tower (provisional name) construction project. The site is in the Al Kifaf area (Plot 6) in Dubai.
Valued at USD 120 million, this is a follow-up project associated with the Wasl One Residences complex construction project, which was secured by Ssangyong E&C in 2019 and completed in June 2022. Worth USD 167 million, the One Residences project involved the building of two 44-story residential towers in the same Al Kifaf area (Plot 5).
The client for both projects is Wasl LLC, one of the largest real estate development and management companies in Dubai. The developer was highly impressed with Ssangyong E&C’s delivery of the Wasl One Residences complex, and this momentum has helped the two companies build and maintain a strong strategic partnership.
Once completed, the PLOT6 Luxury Residential Tower, which will consist of one 44-story building offering 465 units, will become the latest addition to uber-luxury residences in the Al Kifaf area, Dubai’s premier residential area near Zabeel Park. The tower’s distinguishing external feature will be its four edges featuring curtain walls. At the same time, in addition to residential facilities, the tower will offer high-end communal amenities.
“This contract is particularly meaningful as it was won based on Ssangyong E&C’s solid partnership with the client built over the years despite our company’s challenging circumstances related to the M&A and the change in our largest shareholder,” a Ssangyong E&C official said. “Using this contract as a springboard, we will boost our earnest efforts to explore opportunities in overseas markets, including working on tenders that have been postponed due to the COVID-19 pandemic.”
