Singapore awards Samsung $258 million contract

Singapore's Land Transport Authority (LTA) has awarded South Korean construction firm Samsung C&T a $357.5 million ($257.6 million) contract for civil works on the extension of the North-South line rail network.                                           

The extension will connect the city state's Marina financial district to the Marina South area.                                           

LTA said in a press release on Friday construction of the network extension is scheduled to commence in December 2009 and targeted for completion by 2014.                                           

Samsung C&T is part of the Samsung conglomerate, which controls 15.4% of the company through a number of its affiliates.                                           

LTA said Samsung C&T are currently involved in the design and construction of another underground rail station project and a secton of a major expressway in the city-state.