Ssangyong Engineering & Construction has secured a $2.15 billion contract to build a major hospital in Singapore, marking the largest single project award in the company's history.
The Korean construction company said on Sept. 17 that it had been selected as the sole contractor for the Tengah General Hospital project commissioned by Singapore's Ministry of Health. The contract is worth approximately 3 trillion won, exceeding Ssangyong E&C's annual revenue of 1.87 trillion won recorded last year.
The hospital will be built in Singapore's western Tengah district. The complex will consist of seven buildings spanning three basement levels and nine floors above ground, with a total capacity of 1,534 beds.
The overall project period, including design work, is scheduled to run for 63 months.
Tengah General Hospital is part of Singapore's national healthcare infrastructure development program. The National University Health System, or NUHS, will operate the facility, which is planned as part of an integrated medical campus.
The project also represents a significant overseas win for Ssangyong E&C given the level of competition involved. Eleven construction companies initially participated in the bidding process. Ssangyong E&C was the only Korean contractor to pass the preliminary qualification stage.
Four companies subsequently advanced to the final bidding round. Despite not submitting the lowest bid, Ssangyong E&C was ultimately selected over competitors from Japan and China.
The company attributed the result to its accumulated experience in large-scale hospital construction projects in Singapore and its technical capabilities.
Ssangyong E&C has built up a track record in Singapore's construction market through a range of major projects. The latest contract is expected to provide the company with another reference project in the healthcare sector and strengthen its position in the local market.
The company has also been expanding its overseas business since joining Global Sae-A Group in December 2022, with major projects in markets including Dubai.
Its position in Korea's construction industry has improved as well. Ssangyong E&C ranked 19th in this year's construction capability assessment, up 14 places from 33rd in 2022.
Financial performance has also strengthened. The company reported revenue of 1.8717 trillion won and operating profit of 64.3 billion won last year, reflecting improved profitability alongside its expansion into large overseas projects.
A Ssangyong E&C official said the latest contract demonstrates that the company's long-standing hospital construction experience in Singapore was recognized beyond price competitiveness.
“We plan to successfully complete this large-scale hospital project and use the experience to further strengthen our competitiveness in the Singapore construction market,” the official said.
