Ascon Is All Set For B16bn Dubai Deal
Ascon Construction Plc, is all set to win its first overseas project by finalizing a 16-billion-baht deal to build 12-storey residential towers in Dubai. Chief executive Pattanapong Tanumathaya said the construction contract was likely to be awarded by September. Starting in October, the construction is due to be finished in 30 months.
The agreement, part of a 100-billion-baht complex, is for the building of 20 towers in the first part of the entire project, which consist of approximately 200 buildings, Mr Pattanapong said.
Ascon has set up a completely owned branch in Dubai to submit bid for the project. The subordinate will also look for other construction projects in close by regions like Abu Dhabi, he said. Nearly 5,000 construction workers are being employed for the Dubai project, mostly from India, Pakistan, and Nepal, he added. ''We have put various efforts into building our report overseas to reduce risks of focused only on local works as in the past,'' he said.
Distant from the Middle East, Ascon has also searched for business prospects in neighboring countries like Cambodia and Vietnam.
Mr Pattanapong said the company had also been discussing with a budding local partner in Abu Dhabi, which had showed its interest by means of a letter of plan to get a stake of Ascon, a move the company welcomed.
The Thai company has as a result chosen a consultant to carry out due conscientiousness on its share value.
''The new partner would help fortify our financial status by bringing in fresh funds to be utilized as working capital for future projects,'' he said.
In the neighborhood, Ascon is looking forward to bidding for the construction indentures of the government's planned nine mass-transit rail lines in Greater Bangkok. The contractor has joined the bidding in August for a contract worth 6.5 billion baht to construct a depot for the Purple Line.
In 2009, the government is likely to call bids for five other lines, all of which Ascon would join.
Similar to other construction companies, Ascon has been badly affected by sharp hikes of building material prices, mainly steel, in addition to the increases of least labour wages in June.
The agreement, part of a 100-billion-baht complex, is for the building of 20 towers in the first part of the entire project, which consist of approximately 200 buildings, Mr Pattanapong said.
Ascon has set up a completely owned branch in Dubai to submit bid for the project. The subordinate will also look for other construction projects in close by regions like Abu Dhabi, he said. Nearly 5,000 construction workers are being employed for the Dubai project, mostly from India, Pakistan, and Nepal, he added. ''We have put various efforts into building our report overseas to reduce risks of focused only on local works as in the past,'' he said.
Distant from the Middle East, Ascon has also searched for business prospects in neighboring countries like Cambodia and Vietnam.
Mr Pattanapong said the company had also been discussing with a budding local partner in Abu Dhabi, which had showed its interest by means of a letter of plan to get a stake of Ascon, a move the company welcomed.
The Thai company has as a result chosen a consultant to carry out due conscientiousness on its share value.
''The new partner would help fortify our financial status by bringing in fresh funds to be utilized as working capital for future projects,'' he said.
In the neighborhood, Ascon is looking forward to bidding for the construction indentures of the government's planned nine mass-transit rail lines in Greater Bangkok. The contractor has joined the bidding in August for a contract worth 6.5 billion baht to construct a depot for the Purple Line.
In 2009, the government is likely to call bids for five other lines, all of which Ascon would join.
Similar to other construction companies, Ascon has been badly affected by sharp hikes of building material prices, mainly steel, in addition to the increases of least labour wages in June.
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