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Depa JV signs its first contract in Singapore

Jul 22, 2008
JV awarded AED 186.5 million contract for fit out of Marina Bay Sands Integrated Resort Hotel Tower 1

Dubai, 22 July 2008 – Depa Limited (ticker DEPA), the world’s largest interior contractor, today announces that its joint venture, DDS Contracts & Interior Solutions Pte Ltd (“DDS”), has been awarded its first contract in Singapore. The contract is for the fit-out of 716 guest rooms, including the corridors & lobbies of the 6th to 49th floors of the prestigious Marina Bay Sands Integrated Resort Hotel Tower 1. The project has a contract value of AED 186.5 million (S$69.1million).

DDS is a joint venture between Depa (55%) and Design Studio (45%), Singapore’s leading furniture manufacturer, product and interior fit-out specialist. DDS will be working with South Korean main contractor, SsangYong Engineering and Construction Co., Ltd (“SsangYong”) on Marina Bay Sands, which is located on Singapore’s vibrant Marina Bay waterfront within close proximity of the Central Business District. The Marina Bay Sands will combine world-class convention and exhibition facilities, a luxury hotel, an iconic ArtScience Museum, Las Vegas-style gaming, state-of-the-art theatres, entertainment and an unparalleled spread of shopping and dining outlets in one unique destination.

This project win came a few months after the establishment of the JV which was set up to target interior contracts within Singapore, Malaysia, Thailand, Indonesia and Vietnam. DDS is a specialist company poised to be a significant player offering a comprehensive fit-out suite, including turnkey and retrofitting services, to new and existing hospitality and commercial projects.

Mr. Mohannad Sweid, CEO of Depa, commented, “This win marks a great start for DDS. We strongly believe that Design Studio’s expertise and knowledge in the Asian market and Depa’s solid track record of fitting prestigious projects will benefit DDS in delivering quality on time and budget. This is also Depa’s project first in the South East Asian market, for which we see huge potential.”

Mr Bernard Lim, CEO of DDS and Design Studio, said, “Our top priority is to partner with SsangYong to ensure seamless execution of this important segment of the Marina Bay Sands Integrated Resort project. We are honored to have been selected as a key partner in this esteemed project and are confident of delivering in a timely manner, meeting our client’s expectations and providing an exceptional experience for future guests staying in the hotel.”

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