AMCO, Building the first office building in Cambodia
Hyundai Engineering 2009/01/21프린트
Hyundai Engineering 2009/01/21프린트
- Acquisition of all permits and approvals... Construction permit in September last year, Approval for commencement of construction in November.. Plans for commencement of sales by March
- Construction of AMCO Tower with 4 underground floors and 22 above ground floors, and total floor area of more than 9,400 pyeong... Scheduled to be completed by the end of 2011
- Strategy of pursuing success through more aggressive entry into overseas market...
Target of generating revenues of 2.4 Trillion Korean won in orders won in overseas market, reinforcement of entry into overseas countries with high growth rate with low level of development
- Winning orders for project type development with trend of increase in demand for office building
Dedicated 22-story office building suitable for international usage will be built for the first time in Cambodia.
AMCO (Representative Director: Kim, Chang Hee. www.amco.co.kr), a subsidiary construction company of Hyundai Motor Group of Companies announced that the company recently executed subcontract agreement ($33 Million) for construction of ‘AMCO Tower’, a dedicated office tower with 4 underground floors and 22 above ground floors, and total floor area of more than 9,400 pyeong, on the land owned
by the Tourism Bureau of Phnom Penh City, Cambodia, with local developer CK ID.
According to the contract executed, the local developer, CK ID will be in charge of development while AMCO will be responsible for the construction. The construction of the office building will commence in January with schedule for completion by the end of 2011.
Although there have been cases of construction of high-rise buildings such as composite residential
and commercial buildings in Phnom Penh City, Cambodia, construction of dedicated high-rise office building is the first.
『AMCO Tower』 will have commercial, sales outlets as well as 1,500 pyeong underground parking
lot along with office spaces. It is expected that new demand as well as transfer demands for offices will increase when the AMCO Tower is completed in the Phnom Penh City, which lacked office building with parking facility thus far, due to existing aged office/general work facilities.
AMCO has already acquired construction permit in September last year, approval and permits for
commencement of construction in November, and completed all removal works for commencement of
construction by the end of December last year. Allotted sale of space in AMCO Tower is scheduled
to commence in March.
Cambodian market is displaying trend of increase in demand for residential and office buildings
and construction demand for various infrastructures as entry of foreign companies into the country is increasing, and activities to win orders for project type development will become highly activated in medium to long term.
Mr. Cho, Myung Rae, Managing Director of the Residential Development Division of the company,
stated that “Cambodia is a representative high growth, low development country with full-scale production of petroleum expected by 2011, and we are planning to gradually expand real estate development projects in Southeast Asian market with Cambodia as the center in addition to Vietnam for which the company commenced development of complex resort last year.”
AMCO is targeting to generate revenue of 2.4 Trillion Korean won this year, which is 20% increase
from the previous year, by concentrating on winning orders from high growth/low developed countries such as Russia, Libya, Turkmenistan, Arab Emirates, Vietnam and Cambodia, as well as in the areas of SCO/Planning and Proposal type projects in addition to the construction works of the Group.