Samsung C&T signs 962.4 bln won apartment deal

SEOUL, Nov. 30 (Yonhap) -- South Korean builder Samsung C&T Corp. said Monday it
has signed a 962.4 billion won (US$829 million) deal to construct rental
apartments for U.S. service members based in a city south of Seoul.
Samsung C&T said it will build 41 apartment buildings for 2,427 households on a
site south of Camp Humphreys, a U.S. military base in Pyeongtaek, 70 kilometers
south of Seoul, by December 2014.
Samsung C&T, a subsidiary of South Korea's top conglomerate, Samsung Group,
clinched the contract in December last year together with U.S. military housing
developer Pinnacle, Merrill Lynch and others.
Samsung C&T and Pinnacle will rent and operate the buildings for 45 years, while
Merrill Lynch and other financial investors will finance the construction, the
South Korean firm said.
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