Local Builders Break Overseas Orders Record
By Jane Han
Staff Reporter
Local builders are starting off another strong year, as a government report showed Friday that their collective total in overseas orders hit $10 billion in just 65 days, the fastest pace ever.
With Shinhan Construction's most recent $150 million housing project order from Libya, South Korean builders have sealed deals worth about $10.5 billion in the first two months of the year, according to the Ministry of Land, Transport and Maritime Affairs, double the amount over the same period last year.
Similar to 2007, strong overseas sales have mostly been powered by cash-swamped, oil-rich countries in the Middle East. Experts have credited Korean workers' diligence, punctuality and technical skills as their competitive strengths.
The report said orders from the Middle East hiked 250 percent year-on-year, and so far in 2008, projects there and in far-east Asian countries are worth $5.5 billion and $3 billion, respectively.
The ministry added that the country's overseas building sales are expected to exceed $40 billion in 2008 if the current upward trend continues.
Hyundai Engineering & Construction, GS Construction, Daewoo Construction and SK Construction have won mega billion-dollar projects to erect high-tech complexes or plants.
But the latest results show that small- and medium-builders are also stepping up their game, as a total of 77 firms went overseas, raking in a total of $830 million in sales, a 54 percent increase from last year.