Posco E&C to develop a new town in Kazakhstan
Songdo. October 29. Kazakhstan Today - CEO Chung Dong Hwa of Posco E&C signed Wednesday a $640 million contract with the Caspian Group, a leading Kazakhstani corporation, at the Posco E&C Tower in Songdo. The contract will require Posco E&C to build houses in Koyankus.
According to Property Magazine International, "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 online edition reports.
"The new towns are, in the order of proximity with Almaty, Gate City, Golden City, Growing City and Green City," according to the magazine.
"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," the article says.
"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," Chung Dong Hwa, Vice Chairman & CEO of Posco E&C said.
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