Samsung C&T wins order $585 mn construction project in Taiwan

The construction division of South Korea's Samsung C&T Corp. on Monday said it landed an order for the Fubon Aozihdi Development Project from Taiwan's Fubon Life Insurance.

The project requires construction of a 48-story office building 240 meters tall, 23-story hotel and 13-story podium or neighborhood facility connecting both buildings in the island nation's No. 2 city of Kaohsiung.

The massive complex will have a combined floor area of 557,000 square meters, with a shopping mall and aquarium scheduled to be built together. The facility after completion is expected to serve as a leading landmark in Taiwan.

The company that placed the order was a subsidiary of Taiwan's Fubon Financial Group. Securing the project through a joint venture with a Taiwanese builder, Samsung C&T will foot 750 billion won ($585.3 million) of the combined construction cost of 1 trillion won.

Taiwan is aggressively expanding investment in infrastructure for economic growth like in the expansion of international airports and construction of subways. With real estate development led by the private sector surging in major cities like Taipei and Kaohsiung, expectations of additional mega projects are high.

Entering Taiwan in 1996 after winning an order to build a plant, Samsung C&T has since conducted a range of construction projects such as high-speed rail, petrochemical plants and theme parks. In 2021, the company landed a contract to build Terminal 3 of Taoyuan International Airport in Taipei with construction cost alone of 1.8 trillion won, and work on the project is underway.

Write to Jin-Woo Park at jwp@hankyung.com