Boutique property developer Arthaland Corp. tapped China Railway Dongfang Group of China and Knusford Berhad of Malaysia to build a 38-story office tower in Cebu worth $166 million.
Arthaland said in a disclosure to the stock exchange it signed a $166-million contract with the two foreign construction firms for engineering, procurement and construction of the Cebu Exchange project.
Under the agreement, China Railway Dongfang Group and Knusford will form a joint venture company in the Philippines to execute the EPC contract.
China Railway is a wholly-owned subsidiary of China Railway Group Limited, one of the largest construction conglomerates in the world.
Knusford Berhad is a Malaysian publicly listed multi-disciplinary construction company involved in major construction works, property development and investments.