Depa JV signs its first contract in SingaporeJul 22 ,2008
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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About DDS Contracts & Interior Solutions Pte Ltd
DDS Contracts & Interior Solutions Pte Ltd, is an interior fit-out specialist company based in Singapore that offers a complete suite of interior fit-out solutions to hospitality, lifestyle and commercial projects.
DDS’ scope of specialized work includes deploying & implementing comprehensive and innovative methodologies; professionally executed project management services to supply of quality products to the interiors of the projects. Having an illustrious lineage, DDS is equipped with world acclaimed expertise and global resources to take on projects they are assigned with.
About Depa Limited:
Depa Limited is a leading interior contracting company in the Middle East, North Africa and Southeast Asia regions. Operating principally in the luxury fit-out industry, its main areas of business cover 5 star hotels, high-end residential properties, retail outlets, yachts, as well as public sector amenities such as hospitals and airports. Depa is listed on the Dubai International Financial Exchange (ticker DEPA) and has Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange plc (ticker DEPA and DEPS).
The range of business activities performed by Depa comprises:
· Interior contracting: which focuses on luxury interior fit-out services, which include installation and finishing of floors, walls, ceilings, fixed joinery, panelling, wood-works, doors and frames;
· Manufacturing: which comprises a network of factories and joineries which produce customized furniture, fixtures and equipment (FF&E);
· Procurement: which involves the procurement of supplies and materials from third parties to support and complement Depa's interior contracting and manufacturing operations as well as third party procurement contracts for specific FF&E projects.
By integrating these services into a single package, Depa provides clients with comprehensive and customised interior contracting solutions.
With more than 8,000 employees worldwide, the company operates through an integrated network of subsidiaries, affiliates and representative offices located in the UAE, Saudi Arabia, Qatar, Egypt, Jordan, Syria, Libya, Morocco, India, Malaysia, Thailand, China, Singapore, UK, the Netherlands, and the United States. Through this network, Depa has successfully executed large and complex projects in over 15 countries including the Burj Al Arab Hotel (Dubai), Emirates Palace (Abu Dhabi), the Museum of Islamic Art (Doha), Four Seasons Hotels (Sharm El Sheikh & Mumbai) and Mazagan Resort (Casablanca).
About Design Studio Furniture Manufacturer Ltd (Bloomberg Code: DSFM SP)
Design Studio has three complementary and versatile core businesses that yield positive outcomes in a wide spectrum of residential and commercial developments across major countries around the world.
The core business are the supply and installation of manufactured furniture products to private residential developments, interior fit-out services to hospitality and commercial projects and distributorship of renowned imported brand names and exporting two premium in-house brands to overseas markets.
In addition, Design Studio’s core competitive advantage as a specialist in the area of paneling and thermoformed products provides its clients with relevant advice on designs, material usages and costing during the planning stage of the project, right through to final execution.
With high-end luxury projects like the Burj Dubai, Trump International Hotel (US), St. Regis Hotel (Singapore) and Ritz Carlton Hotel and Apartments (in the Dubai International Financial Centre) under its belt, Design Studio has created a niche in the premiere segment of this industry.
For more information, please refer to the corporate website: www.designstudio.com.sg