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Singapore, 10 July 2009 – Sembawang Engineers and Constructors (Sembawang), one of the largest engineering and construction companies in Southeast Asia and a wholly-owned subsidiary of global conglomerate Punj Lloyd Group, is pleased to announce that it has clinched three breakthrough projects in Libya totalling more than US$1.2 billion to build commercial and residential developments.
The contracts were awarded to Sembawang’s subsidiary in Tripoli, Libya – Sembawang Libya General Contracting and Investment Company – by the International Investment and Services Company (IISCO). IISCO is an arm of government-linked company the Economic Social Development Fund of Libyan Great Jamahiriya which has been mandated to execute projects in the field of engineering and construction in the entire Libyan Great Jamahiriya.
The biggest of the three contracts is the turnkey project to develop Al-Mea'tega Resort Village, a luxurious villa resort located on a 40-hectare site on the Mediterranean Coast adjacent to the domestic airport in Tripoli.
The second project is the Al-Ghiran Village in Tripoli which will have a total built-up area of 110,000 square metres. Located on a 13-hectare site, the mix-development comprises 17 four-storey high-end residential apartment blocks, common recreational facilities and sports hall, 66 luxury villas, a 120-room four star hotel and a 600-seater conference hall building. The project also includes landscaping and external infrastructure work and services.
The third award is for the construction of the Al-Froseya Hotel, a five star 150-room hotel comprising solely of suites. The seven-storey hotel will have deluxe facilities including a swimming pool, spa, meeting rooms and a 700-seat conference hall. The total built-up area will be approximately 65,000 sq m.
Al-Mea'tega Resort Village is targeted to complete in 2012, whilst Al-Ghiran Village and Al- Froseya Hotel are scheduled for completion in 2011.
Mr Atul Punj, Chairman, Punj Lloyd Group said: “We are delighted that Sembawang will establish a significant presence in Libya with three major projects reinforcing our strategy to expand in overseas markets like North Africa which have robust growth opportunities. We look forward to more projects in Great Socialist People's Libyan Arab Jamahiriyah which has one of the highest per capita GDP in Africa. Libya has excellent prospects as it is undergoing brisk economic growth and the country is currently in the midst of executing a vast national plan for infrastructure and public works development.”
Mr Richard Grosvenor, President and CEO of Sembawang said, “Winning these projects is a significant breakthrough for Sembawang as Libya is a new market for us. Our subsidiary was set up recently in Tripoli and we are pleased that major inroads have been made in establishing our presence as a company that offers world-class competencies and in-depth expertise in major development projects.”
By The Blue Edge Pte Ltd (Business communications consultancy)
01.09.2009. 17:37