POSCO E&C to Develop a New Town in Kazakhstan
- POSCO E&C also led the development of the eco-friendly Songdo International Business District, the recently chosen location for the head office of the Green Climate Fund
- POSCO E&C's winning a contract to build the largest new town in Kazakhstan is a testament to the company's comprehensive development capability.
SEOUL, South Korea, Oct. 26, 2012 /PRNewswire/ -- On October 20, the Incheon Songdo International Business District, whose development had been led by POSCO E&C, was chosen as the location for the head office of the Green Climate Fund. Apparently, the image of Songdo as an eco-friendly and sustainable city contributed to the decision, which itself is a sign that POSCO E&C's urban development capability is now gaining attention from all around the world. Success begets success and, following this, more good news for POSCO E&C arrived from Kazakhstan.
On October 24, POSCO E&C (Vice Chairman & CEO: Chung Dong Hwa) signed a contract with the Caspian Group, a leading Kazakhstani corporation, at the POSCO E&C Tower in Songdo. The contract, worth $640 million (USD), will require POSCO E&C to build houses in Koyankus.
These houses will be constructed as part of the first stage of the 'G4 New Town Development Project', which Kazakhstan will complete over a 15 year schedule.
Amounting to over 8,000 units, they will be located within Gate City, 1.5 km off the northern boundary of Almaty, the country's economic capital. The project term for the construction, including the design stage, will be 69 months, and $640 million (USD) has been allocated for the budget.
The G4 New Town Development Project is a mammoth government-private joint project, worth as much as $45.3 billion (USD), which will involve the creation of four new towns, whose initials all start with the letter "G", and which are situated across a 79 km long corridor between Almaty and the lake of Kapchagay.
The new towns are, in the order of proximity with Almaty, Gate City, Golden City, Growing City and Green City.
POSCO E&C won this contract on a design-build basis, whereby it will be solely responsible for the design, procurement and construction. This is testament to its capability in successfully managing new town developments.
"POSCO E&C has a good track record in many urban development projects, boasting unparalleled experiences and technological capability in new town construction, as well as financial robustness," reported a high-ranking official from the Caspian Group. "We expect that it will be helpful in many ways in the G4 project as well."
"New town construction can hardly be undertaken without a high level of technological capability and proven experience," reasoned Chung Dong Hwa, Vice Chairman & CEO, POSCO E&C. "This project will surely be a successful one if POSCO E&C's proprietary expertise is fully leveraged." He also added that: "Efforts will be made to win more of the subsequent contracts associated with the G4 projects, and expansion into other areas in the region, including Russia and other CIS countries, will be actively sought to help the company in its quest to go global."
POSCO E&C has plenty of experience and a good track-record in new town development: North An Khanh New City project in Vietnam, the country's first self-sustaining new town, and as the Hanoi capital construction master plan, to name but a few.
SOURCE POSCO E&C
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