Ssangyong E&C in South Korea, has won a $62mn contract from UAE-based wasl Asset Management Group to build a five-star boutique hotel at La Mer beachfront development in Dubai.
As in the deal, Ssangyong E&C will be responsible for the construction of the 156-room Andaz Hotel, a Hyatt brand, designed by VX Studio. Work has already begun on the project and is likely to be completed in 2020, reported Korean business daily Pulse.
According to the report, the Andaz Hotel will be built in Jumeirah 1, one of the three areas in the coastal residential district of Dubai. Part of the Hyatt chain, the upcoming property will have seven floors above ground and two underground floors and provide 156 rooms.
Wasl is also building Dubai’s first Mandarin Oriental hotel, set to open in Jumeirah by the end of this year, with a second outlet of the brand earmarked for a tower on Sheikh Zayed Road by 2020. The company plans to launch 29 hotels by 2020.
Besides the Dubai project, Ssangyong E&C had also clinched a KRW350bn deal to build a skyscraper, Oxley Towers, in Malaysia. It will boast three complexes – each 79, 49, and 29 floors high.
The 79-floor complex will be dedicated to So Sofitel luxury hotel, 49-floor complex to Jumeirah tower with hotel rooms and home units, and 29-floor complex to office space.