Yongnam secures record S$168m subcontract for Marina One development

Contracted for 30,000 tonnes of structural steelwork.

Structural steel contractor and specialist civil engineering solutions provider Yongnam Engineering & Construction Pte. Ltd., a wholly-owned subsidiary of Yongnam Holdings Limited (Yongnam), has secured a structural steel subcontract worth S$168 million for works at Marina One, a mixed-use development located at Marina South, Singapore’s new Central Business District.

The contracts were awarded by the main contractor which is a joint-venture between Hyundai Engineering and Construction Co., Ltd and GS Engineering & Construction Corporation.

The subcontract covers three packages in which Yongnam is expected to fabricate and construct a record of almost 30,000 tonnes of structural steelwork. One of the three packages involves the conversion of the original reinforced concrete design of the office towers to a composite structural steel design. The subcontract also includes the application of fire-proofing as well as the supply & installation of a specialist floor damping system, at 28th to 30th storeys, on the linkway floors connecting the two office towers.

Mr Seow Soon Yong, Chief Executive Officer of Yongnam said, “This subcontract is a record win for us in terms of value and structural steelwork quantity and brings our order book to S$397 million. The award of a subcontract this large is testament to the confidence and trust that the main contractor has in Yongnam and we are delighted to play a part in the addition of another iconic feature to Singapore’s cityscape. We look forward to continue contributing to the development of the Marina South area as it develops into a catalyst of Singapore’s continuing economic growth.”

The Marina One project is being developed by M+S Pte. Ltd., a company owned 60:40 by Khazanah Nasional Bhd. and Temasek Holdings Pte. Ltd respectively. The development will comprise two 30-storey office blocks, two 34-storey residential blocks, four basement levels, an underground pedestrian network, and an ancillary road network. With lush greenery and waterfalls expected to feature in the building design, the project is expected to be a landmark feature at Singapore’s new Central Business District when completed in 2017.

Works for the subcontract is expected to be completed by the first quarter of 2016. This subcontract is expected to have a favourable impact on the Group’s financial performance for the current financial year ending December 31, 2013.