Korean Builder Ssangyong E&C Sees Overseas Construction Orders Surge Eightfold Since 2022
Ssangyong Engineering & Construction (Ssangyong E&C) is experiencing a significant turnaround, fueled by strategic business synergies with Global Sae-A Group. The Korean builder is expanding its portfolio of prestigious overseas projects, solidifying its position in the global construction market.
Ssangyong E&C recently secured a $250 million contract for the Avenue Park Towers project with the United Arab Emirates’ state-run Wasl Asset Management Group. Additionally, the company has embarked on a 100 billion won ($68.1 million) project in Equatorial Guinea, marking a strong start to the year.
Since becoming part of Global Sae-A Group in December 2022, Ssangyong E&C’s international business has witnessed substantial growth. Overseas orders, which stood at $121 million in 2022, have surged to $650 million in 2025 – representing a fivefold increase in just three years.
Under the Global Sae-A Group umbrella, Ssangyong E&C has strategically focused on high-value-added projects in key overseas markets, including Singapore, Dubai, and Equatorial Guinea. The company’s impressive track record includes iconic projects such as Singapore’s Marina Bay Sands hotel and Dubai’s Atlantis The Royal.
Ssangyong E&C plans to leverage synergies with Global Sae-A Group to explore new business opportunities in diverse regions, including Central America, further expanding its global footprint.
Domestically, Ssangyong E&C maintains its reputation as a reliable construction partner. The company recently completed the construction of Dutch semiconductor equipment manufacturer ASML’s Hwaseong campus in Gyeonggi Province. Ssangyong E&C has also been awarded major remodeling projects, including the Centre Pompidou at the 63 Building in Yeouido and the Banyan Tree Haeundae Busan. The company plans to supply approximately 6,000 housing units nationwide this year, contributing to Korea’s residential development.
In the civil engineering sector, Ssangyong E&C has secured two projects along the Southern Inland Railway, totaling 450 billion won. The company is also strategically expanding into the renewable energy sector, having established a dedicated new energy business team this year.
Bolstered by the projects secured since joining Global Sae-A Group, Ssangyong E&C’s order backlog has increased by over 50 percent, exceeding 9 trillion won as of last year. The company’s financial stability and profitability have also improved significantly, with projected sales of 1.8 trillion won and an operating profit of 60 billion won in 2025, marking its third consecutive year of profitability.
The company’s debt ratio is expected to decrease dramatically from 753 percent at the end of 2022 to the mid-150 percent range, reflecting a strengthened financial foundation.
Ssangyong E&C attributes its financial turnaround to capital injections from Global Sae-A Group, including a 150 billion won rights offering in 2023 and the issuance of 50 billion won in hybrid capital securities in 2024. These strategic investments have played a crucial role in the company’s resurgence.
hwkan
