South Korea’s Lotte Engineering & Construction Co. (Lotte E&C) said on Wednesday it was assigned by Japan’s Maruhan Group to erect a new headquarters building for Sathapana Bank in Cambodia at 57 billion won ($52.7 million).
Under the contract, Lotte E&C will build a 19-story building with four basements that commands a floor area of 33,135 square meters in Phnom Penh, Cambodia. It will break ground this month to complete the construction by July 2020.
Sathapana Bank is the second largest bank in Cambodia under Maruhan Group headed by Korean-Japanese CEO Han Chang-woo. Lotte E&C hopes its name awareness will increase in Southeast Asia through the high-rise construction, a company official said.
Cambodia’s construction market has been flourishing and was estimated at $12 billion last year, up 50 percent from the previous year, according to the Korea Trade-Investment Promotion Agency (KOTRA).
Before the latest contract, Lotte E&C joined hands with Indonesia’s mid-sized developer Vasanta Indo Properti (VIP) Group early this month to build an apartment complex in Alam Sutera, a new city in western Jakarta, Indonesia.