06 December 2006
Power Line wins B11bn deal in Dubai
Power Line Engineering Plc (PLE) has joined with a Dubai partner to win a construction contract worth 11 billion baht for the Dubai Lagoon condominium development.
Somsak Kuptamatee, vice-chairman of the PLE executive board, said the company had entered a 50:50 joint venture with Gulf Stream Contracting LLC (UAE) to win the contract from Town Center Management Ltd, the project owner, controlled by wealthy pakistani investors.
To undertake the project, a new joint-venture company with initial registered capital of 10 million baht would be established this month, he said.
Construction is scheduled to be completed in May 2009.
Mr Somsak said Dubai Lagoon would consist of 47 eight-storey condominium buildings covering 375,500 square metres. The project includes 91,000 square metres of parking area and 51,400 square metres of other service facilities.
The project will have 4,166 units of accommodation targeting middle- and upper-middle income buyers. All buildings will have lagoon views, with more than 75% of the total land used for landscaping and the lagoon itself.
Shares of Power Line (PLE) closed on Monday on the SET at 8.4 baht, up 20 satang, in trade worth 184.4 million baht.
Source: Bangkok Post by Post Reporters. Wednesday December 06, 2006