Arthaland inks USD 166-M deal with CREC, Knusford for Cebu office dev’t

MANILA-- Listed property developer ArthaLand Corp. (ALCO) has sealed a USD 166-million deal with two foreign construction companies who will provide engineering, procurement and construction (EPC) services for its Cebu Exchange project.

ALCO told the local bourse that Railway Dongfang Group and Knusford would form a joint venture company in the Philippines to execute the EPC contract.

"The collaboration among the three groups brings together strengths in design, building construction, project management and expertise in the Philippine property sector," it said.

China Railway Dongfang Group is a wholly owned subsidiary of China Railway Group Limited (CREC), one of the largest construction conglomerates in the world and present in over 60 countries.

Knusford Berhad, on the other hand, is a Malaysian publicly listed multi-disciplinary construction company involved in major construction works, property development and investments.

The agreement signed with ALCO is the first venture both for CREC and Knusford in the Philippines.

Cebu Exchange is a 38-storey office building which will rise on an 8,440-square-meter property.

The project is designed to accommodate information technology and business process management (IT-BPM) locators who are expanding their operations in the region.

It will be the first and only Grade-A office building in Cebu on target to achieve dual green building certification from the United States Green Building Council's Leadership in Energy and Environmental Design (LEED) program as well as from the Philippine Green Building Council's Building for Ecologically Responsive Design Excellence (BERDE) program. (PNA)

Source: Philippines News Agency