Samsung C&T Corporation, an affiliate of Samsung Electronics, said on Tuesday it earned a contract for building the KL118 Tower project valued at $842 million ordered by Malaysia's state-run investment company PNB Merdeka Ventures.
The KL118 tower project is to build a 118-story, 670,000-squaremeter skyscraper in Kuala Lumpur, the capital city of Malaysia. Forming a consortium with local construction company UEM, Samsung is slated to supervise the project including quality and safety management.
Its stake is said to stand at $550 million, an equivalent to 60 percent of the total construction cost. When the construction is completed by Dec. 2019, the 644-meter KL118 Tower will be the highest building in Southeast Asia and the third highest in the world.
This is Samsung C&T's third super high-rise building project, following the 162-story Burj Khalifa in U.A.E. and 88-story Petronas Twin Towers in Malaysia.
"Earning diverse high-rise building contracts including Singapore's Tanjong Pagar, Samsung C&T is gaining recognition as a global construction firm in the high-rise areas," the company's official said.
In Malaysia, Samsung C&T has so far carried out four projects valued at $1.5 billion won combined.
