Ssangyong E&C wins $62mn contract from Wasl Asset Management Group

UAE-based Wasl Asset Management Group has contracted South Korean builder Ssangyong E&C to build a five-star boutique hotel at La Mer beachfront development in Dubai.

The $62mn contract deal, will see Ssangyong E&C responsible for the construction of the 156-room Andaz Hotel, a Hyatt brand, designed by VX Studio. Work has already begun on the project and is likely to be completed in 2020, reported Korean business daily Pulse.

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The Andaz Hotel will be built in Jumeirah 1, one of the three areas in the coastal residential district of Dubai. Part of the Hyatt chain, the upcoming property will have seven floors above ground and two underground floors and provide 156 rooms, said the report.

Ssangyong E&C plans to establish a strategic alliance partnership with Wasl LLC and take part in multiple project bids launched by the developing company that currently owns 14 hotel properties in Dubai and about 25,000 resident and commercial properties.