Praj Industries has signed agreements with Indian Oil (IOC) and Bharat Petroleum (BPCL) to build bio-ethanol plants in India.
Dongfeng Honda Automobile, an equal stake joint venture between Dongfeng Motor and Honda Motor Company, has unveiled plans to construct a third automobile production plant in China.
Walt Disney Company has signed an agreement with the Hong Kong government to expand and develop its resort in Hong Kong.
Construction has started on the new Guangzhou Infinitus Plaza in Baiyun New Town, Guangzhou, China.
A consortium of companies from China, Italy and Malaysia has secured a MYR1.39bn ($328M) contract for the construction of a high-density polyethylene plant in Johor, Malaysia.
The Goodyear Tire & Rubber Company has broken ground on a $485M project to expand its tyre factory in Pulandian, China.The project will boost the plant’s annual capacity by about 5M tyres. Goodyear chairman, CEO and president Richard Kramer said: “This investment in our Pulandian factory speaks to our long-term strategy of pursuing sustainable growth in the Asia Pacific region and increasing Goodyear’s presence in high-value segments of the global tyre market that are growing at rates above the total industry where we can capture the value of our brand.”Work is expected to be complete by 2020.
Evonik Industries has broken ground on its second DL-methionine plant in Singapore.The €500M plant will have a production capacity of 150,000t annually.Evonik sells the amino acid DL-methionine under the MetAmino brand name. The new facility will boost the company’s annual capacity of MetAmino to about 300,000t in Asia, and to about 730,000t across the globe.Evonik Industries chairman of the executive board Klaus Engel said: "Our methionine complex, which came on-stream in late 2014 on Jurong Island, is a success story. This led to our decision to build a second plant next to it."The demand for MetAMINO for animal nutrition is continuing to grow at a very fast rate in Asia."The facility is anticipated to be operational in 2019, and create more than 150 jobs.
Cimic Group company Leighton Asia, through its subsidiary Leighton India Contractors, has secured a contract to deliver the Ten BKC project in Mumbai, India. The 2ha development — to be located in the Bandra Kurla Complex — will feature 40 apartment blocks comprising 937 apartments. Leighton will be responsible for the delivery of structures, mechanical, electrical and plumbing services, finishes and external works. The company’s revenue for the project will be AUD140M ($106.6M).Cimic Group executive chairman and CEO Marcelino Fernandez Verdes said: “This is the second premium project we have secured in the Bandra Kurla Complex, demonstrating Leighton Asia’s track record in the high-end building sector.”The project has already started and is expected to be complete in June 2019.
Radius Group will construct a new warehousing and logistics centre in the Domodedovo district of Moscow, for Auchan Retail Russia.
The Asian Development Bank (ADB) has approved $631M in loans and grants to develop the Vishakhapatnam-Chennai industrial corridor in India.
A Hyundai Engineering-led consortium has secured a $5bn construction deal in Nakhodka, Russia.The consortium, which includes Hyundai Engineerng & Construction (E&C) and Japan’s Toyo Engineering, signed the deal with the Nakhodka Mineral Fertilizers Factory to build fertilizer plants in Kozmino, a port located near the city of Nakhodka.The consortium will be responsible for the construction of two ammonia production plants with a combined daily capacity of 6,600t, two urea plants with a combined daily capacity of 6,000t and one methanol plant with a daily capacity of 3,000t, according to Korea Times.The factories are expected to be complete within 62 months.
Empire Industries’ subsidiary Dynamic Attractions has signed an agreement with Altair (Shanghai) Space Technology to design, develop, co-own and operate a CAD600M ($465M) theme park in Hangzhou, China.The theme park — named Space Park — will be developed on a site, which is currently owned by the Hangzhou Zhijiang National Tourist Resort, a government-owned organisation. Altair has signed a separate investment framework agreement with the Hangzhou Zhijiang National Tourist Resort to acquire the site — 19.3ha of land — by the end of 2016.Empire Industries’ executive chairman and CEO Guy Nelson said: “Dynamic Attractions has over two decades of experience delivering some of the most popular rides for the world’s top theme parks, thus providing the solid foundation for Space Park to succeed.“The appetite for world-class attractions by the rapidly growing middle class in China, will be uniquely delivered by Space Park with a distinct themed environment and entertainment attraction offering.”Space Park is expected to open in late 2020.
Wanda Group has announced plans to invest RMB63bn ($9.4bn) to build the new Jinan Wanda Culture, Sports and Tourism City in Jinan, China.The 290ha Jinan Wanda City will be Wanda’s 13th culture and tourism project in the country. The project will include a mall, an outdoor theme park, an ice hockey-basketball stadium, a hotel cluster, and a bar street.The ice hockey-basketball stadium, with a seat capacity of 10,000, will serve as a basketball and ice hockey court. It will have the capacity to host key international sporting events and will serve professional clubs.The 42ha outdoor theme park will feature entertainment facilities equipped with advanced technology.The development will also house three resort hotels — one six-star and two five-star hotels. The project is expected to break ground in 2017, commence operation in 2021 and create 20,000 jobs in the region.
Goodyear (Thailand) is set to invest $162M in the expansion of its factory in Pathum Thani province, Thailand.The expansion project will enable the production of radial aviation tyres.According to Goodyear’s managing director Finbarr O'Connor, the development will help the company’s current market demand as commercial airlines are rapidly converting their fleets to radial tyres from bias tyres.O'Connor further said that the world's aviation fleet is expected to double in size over the next two decades.The expansion will be carried out in three phases, with phase one expected to start operations by 2018. The project will create 100 new jobs.
Sustainable urban and business space solutions provider Ascendas-Singbridge is set to build a $400M IT park in Gurgaon, India. The new 60-acre International Tech Park Gurgaon (ITPG) will feature 743,000sq m of business space, as well as social amenities to meet the needs of 60,000 professionals. It will also include food courts along with banking, transport and covered parking spaces.The first phase of the project will include two buildings offering 93,000sq m of Grade-A business space. Work on the first building is currently underway, and is expected to be complete in the fourth quarter of 2017.Ascendas-Singbridge’s deputy group CEO Manohar Khiatani said: “ITPG will be our eighth IT Park in India and we are convinced that this development will enhance the attractiveness of the National Capital Region and help create quality jobs.”Ascendas-Singbridge India operations CEO Sanjay Dutt said: “Gurgaon is the focal point of economic growth in NCR and second largest office market in India with significant investments made by large multinational corporations. “With over two decades of experience in India, we will bring our best practices to ITPG and provide best-in-class business space and asset management services in Gurgaon, offering our clients an attractive business environment to operate in.”
US-based Jacobs Engineering has won a contract to design and provide engineering, procurement and construction (EPC) services for Pfizer’s new $350M biotechnology centre in China.Jacobs will be responsible for the development of the entire site design, which includes central utility buildings, a quality laboratory, administration offices, and a warehouse.Jacobs’ senior vice president of life sciences Robert Norfleet said: “This is an exciting opportunity for our Life Sciences business. We have a long history of helping Pfizer grow and expand its global manufacturing capabilities.“We look forward to partnering with Pfizer once again to develop this state-of-the-art biotechnology center in China.”The project for the biopharmaceutical company is anticipated to be finished in 2018.
Larsen & Toubro has won an INR7bn ($104.1M) order from Piramal Realty for the core and shell civil work of a luxury residential project in Mumbai, India.The project, known as Piramal Aranya, will encompass about 400,000sq m of construction area. The total investment for the project is estimated at about INR44.5bn ($662M), including land, project development and execution costs.Piramal Aranya will feature two towers, including 3-, 3.5- and 4-bedroom-hall-kitchen apartments. Piramal Group executive director Anand Piramal said: “We launched Piramal Aranya in March earlier this year in an endeavour to build world-class luxurious residential high rises in the city. It is our most significant residential development and we are making every effort to ensure that it is one of the finest buildings in the world.”
UAE-based retailer Lulu Group is set to invest in a shopping mall, hotel and international convention centre in Thiruvananthapuram, the capital city of Indian state Kerala.The $300M four-storey development will be spread over 19 acres, with a built up area of over 186,000sq m, including a 150-room luxury hotel. Once completed it will be the second biggest shopping mall in India after the LuLu mall in Kochi (pictured) — also owned and managed by Lulu Group, and which was designed by WS Atkins and constructed by Shapoorji Pallonji.The new project — designed by UK’s Design International — will include several fashion and retail brands, an amusement centre, a nine-screen multiplex, a food court with a capacity of 3,500 guests, restaurants, and coffee shops. It will also include parking space for 3,000 cars.The mall is expected to open in 2019.
Southeast Asia is in need of $2.1tr in infrastructure spending by 2030 to meet their growing population demands, according to a report by banking group HSBC.HSBC economist Joseph Incalcaterra stated in the report that the urban population in the region will rise by over 90M by 2030 and that the planned infrastructure spending would only cover $910bn.Incalcaterra said: “To fill the infrastructure gap, more non-government financing is necessary, both from private sources and institutions such as the Asian Development Bank and new Asian Infrastructure Investment Bank.”The six countries covered in the report are Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.According to the report, regional governments have to increase infrastructure spending. Low- to middle-income economies should spend at least 5% of gross domestic product (GDP) on infrastructure — only Vietnam has been meeting this target.Indonesia and the Philippines have been increasing infrastructure budgets, while Thailand and Singapore had promised increased infrastructure spending and Malaysia should attract more investment. Incalcaterra added: “Governments across the region thus need to be much more aggressive with increasing PPP programmes and instituting proper reforms to deepen capital markets. Only that will fill ASEAN’s gaping infrastructure pothole.”
Chinese technology firm LeEco is set to invest RMB12bn ($1.8bn) to build an electric car plant in the eastern Zhejiang province of China.The plant, to be located near the Mogan Mountain in eastern Zhejiang, will have an annual production capacity of 400,000 battery-powered vehicles. The project will be carried out in two phases and will be part of a planned $3bn theme park, which will comprise auto-related elements. The company did not disclose details about when construction would commence on the plant or park.LeEco also plans to produce cars at a factory being built by US strategic partner Faraday Future in Las Vegas.