Samsung C&T has been awarded a US$421 million reclamation contract by the Civil Engineering and Development Department (CEDD) in Hong Kong. The project will be carried out by a joint venture between Samsung C&T and local construction company Build King, and is part of CEDD’s initiative to alleviate Hong Kong’s housing shortage through the development of new towns.
The project will take place off the coast of Tung Chung on the northern part of Lantau Island as the first step in developing the area into a new town for approximately 270,000 residents, and will result in the creation of 134 ha of reclaimed land. The construction was expected to begin in January 2018, with completion set by July 2024. Samsung C&T’s 49 percent stake in the joint venture with Build King represents a US$421 million interest in the US$859 million contract.
Samsung C&T entered Hong Kong’s construction market in 2012 with the Sha Tin to Central Link project, and followed by the Three Runway System Project Deep Cement Mixing Works in 2016. The latest contract represents Samsung C&T’s third major undertaking in Hong Kong and simultaneously the city’s emergence as one of the company’s most important markets.