Guam – The Emerald Oceanview Luxury Condominium project overlooking Saupon point in Tamuning will soon resume construction with the signing of a Memorandum of Understanding Monday between Younex International Corporation, the project developer and STX Construction and Hanil Engineering and Construction.
Younex International Corporation has selected STX Construction Co., Ltd., a subsidiary of STX Group, to continue the project and assure its timely completion. The transition and mobilization period is expected to take about 60 days.
On Friday, June 25, 2010, a number of Korean construction firms with a significant amount of unsold housing inventory in Korea, were either ordered closed down or allowed to go through a process called a “workout”, providing a select number of construction firms an opportunity to restructure their operations with government oversight and support, thus impacting overseas work. Hanil Engineering and Construction Co. Ltd. was one of 9 firms allowed to restructure.
“As we have committed to our partners and customers on Guam and internationally, it is important for Younex to assure the timely completion of this project, particularly in light of the impending Guam build-up”, President and CEO of Younex International Mr. Kil Koo Yoon stated.
“We are appreciative that Hanil Engineering and Construction has agreed to the transfer of this project subject to the completion of a due diligence process between all parties so that it can continue its restructuring process. We are also very pleased with STX’s commitment to Guam and the financial strength and experience it brings to this project and others that we anticipate working on in the future. “