Ssangyong Engineering & Construction said it has won a $750 million order for the North-South Corridor 102, 111 project from the Singapore government's Land Transport Authority (LTA) through the design & build method.
In September, it also received a $380 million order in Malaysia and Dubai for the construction of a skyscraper and a hotel. Its accumulated amount of overseas orders this year has reached about 1.7 trillion won ($1.5 billion).
About 450 billion won ($400 million) worth of the N111 project was attained by Ssangyong E&C alone. The N102 project was a 85: 15 joint venture between Ssangyong and Wai Fong, a local company. As a result, the total amount of the Ssangyong's construction project was about 800 billion won ($700 million).
Even though Ssangyong did not offer the lowest price, it reportedly won the PQM (Price Quality Method) bid, which is evaluated for the construction capacity, technical skills, safety management capability, and management evaluation of the construction company, because it gained high remarks in the non-price category.
This was possible because Ssangyong won the LTEA-Land Transport Excellence Awards in 2016, which Singapore Land Transport Authority presents to only one contractor, and it was selected as the 2013 LTA Safety Champion(ASAC Champion).
In addition, it was highly praised for achieving the world's first 17 million man-hours disaster-free record in 2016 at the DTL 921 project, which is considered the highest level of difficulty subway construction in Singapore.