Knusford Berhad (KB), a Malaysian construction and property firm, and China Railway Dongfang Group Sdn. Bhd. (CRECSB) have secured a $166M contract from ArthaLand to provide engineering, procurement and construction (EPC) services for its Cebu Exchange project in the Philippines.
The project will involve the construction of a 38-storey office building on an 8,440 sq m property.
The facility has been designed to accommodate information technology and business process management (IT - BPM) locators who are expanding their operations in the region.
Expected to be the first and only Grade-A office building in Cebu [pictured], the project is set to achieve LEED certification, and the Philippine Green Building Council’s Building for Ecologically Responsive Design Excellence (BERDE) certification.
“CRECSB and KB will form a 70:30 joint venture company (contractor) in the Philippines to execute the EPC contract. The final contract amount, work scope and construction schedule shall be set forth in the EPC contract to be executed between Arthaland and the contractor.
“This agreement shall take effect from the date of this agreement and shall expire upon signing of EPC contract which shall be by 30 June 2017. The parties may, by mutual consent, extend the duration of the agreement for any period,” said Knusford in a statement.
* Data provided by Timetric's Construction Intelligence Center.