Japanese construction giant Obayashi and South Korea's Hyundai and GS Group have bagged $2 billion worth of contracts to build two mixed developments here.
The tenders were awarded by M+S, of which 60 per cent is owned by Malaysian sovereign wealth fund Khazanah Nasional. Singapore's Temasek Holdings holds the rest.
Obayashi will build the DUO project in Ophir-Rochor. It will comprise a 49-storey block of 660 flats, a 39-storey commercial and hotel complex and a retail gallery with basement carparks.
The Korean consortium of Hyundai Engineering & Construction and GS Engineering & Construction will build Marina One in Marina South, which comprises two 30-storey office blocks and two 34-storey residential towers, with 1,042 apartments in all.
Marina One also includes four basement levels, an underground pedestrian network and an ancillary road network.
The awarding of the contracts to "three reputable contractors" marks a milestone for the development of DUO and Marina One, said M+S chairman Azman Yahya in a statement yesterday.
Construction on the projects is expected to start this year with completion due in 2017.
Initial piling works at DUO have been completed and piling for Marina One is scheduled for completion this year.