Kolon Global wins $226 mn contract for Mongolian public housing project
Jin-Woo Park
Aug 04, 2023 (Gmt+09:00)
South Korea's Kolon Global Corp. announced on Friday that it has won a public housing construction project in Mongolia worth 295.7 billion won ($226 million).
The company received on the same day the bid award notice for the Ulaanbaatar Solongo 1 and 2 public housing construction projects commissioned by the Ministry of Construction and Urban Development.
The first phase involves 2,712 housing units (94,596 square meters) with a total value of 160.5 billion won ($122.7 million). The second phase consists of 2,290 housing units (77,344 square meters) valued at 135.2 billion won ($103.3 million). In total, there will be 5,002 housing units, and each construction phase will take 41 months.
"Ulaanbaatar is an area with a high population density, with over half of Mongolia's population residing there. It is a place where the need for new city development is rising," a Kolon Global source said. "We aim to establish a premium brand image among the Mongolian population, which will be a cornerstone for successful future projects in the region,"