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- Investment News
Hanwha Group, a major South Korean conglomerate, said Thursday it will soon sign
a US$8 billion contract to build a housing complex near Iraq's capital
Hanwha said Iraq's cabinet approved the plan to build 100,000 new homes in Besmaya, a sprawling suburb located about 10 kilometers southeast of Baghdad. The region to be developed covers 1,830 hectares of land with the project to be completed in seven years.
A formal contract will be signed soon, with group chairman Kim Seung-youn to take part in the event, the group said.
The deal, once finalized, would be equivalent to 10 percent of the $70 billion overseas building contract target South Korea set for this year.
Hanwha said Besmaya would be a design build project, with the developer in charge of all aspects of construction.
Six types of homes would be built with floor spaces ranging from 100 square meters to 140 square meters, the company said.