Depa JV signs its second contract in SingaporeNov 17 ,2008
JV secures another AED 50.7 million interior design fit-out contract for Marina Bay Sands Integrated Resort
· Total contract value secured for Marina Bay Sands project amounts to approximately AED 224 million
Dubai, November 17 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 second contract in Singapore for the fit-out of basements and first storey for the three towers in the prestigious Marina Bay Sands™ Integrated Resort. This fit-out project has a contract value of approximately AED 50.7 million.
This is the second project win for DDS, following an AED 172.8million contract win in July 2008. This brings the total contract value secured to approximately AED 224million.
DDS is a joint venture between Depa (55%), and Design Studio (45%), Singapore’s leading Furniture Manufacturer, Product and Interior fit-out specialist. This strategic partnership targets interior contracts in the hospitality & commercial segments 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.
Being the appointed Nominated ID Sub-Contractor to basements and 1st storey across three towers, 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 Art Science Museum, Las Vegas-style gaming, state-of-the-art theatres, entertainment and an unparalleled spread of shopping and dining outlets in one landmark structure.
Mr. Mohannad Sweid, CEO of Depa, commented, “We are encouraged by the 2nd contract win for DDS within a span of a few months. We have set high expectations for DDS and are delighted with the progress it has made.”
Mr Bernard Lim, CEO of DDS and Design Studio, said, “This contract win has boosted our confidence and reaffirmed the trust that Marina Bay Sands has in our capabilities. We will continue in working hard to deliver results in accordance to the time frame. ”
The contract is expected to contribute positively to Depa and Design Studio’s financial performance for 2009 and 2010.
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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
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