Depa JV wins AED 118m contract for fit-out works in landmark resort in SingaporeDec 30 ,2008
Depa JV wins AED 118m contract for fit-out works in landmark resort in Singapore
Dubai, 29 December 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 won an AED 118m contract for the fit-out works of an entertainment venue at Resorts World (“RWS”) an integrated holiday resort on the popular island of Sentosa, Singapore.
Mr. Mohannad Sweid, CEO of Depa, commented, “DDS has made outstanding progress in the Singaporean market and we believe that it will continue to win the most prestigious landmark hotel, lifestyle and commercial projects in the future. Like Depa, DDS is establishing a reputation as a leading player that prides itself in its ability to work on selected projects and deliver them on time and on budget.”
RWS is one of Singapore’s two integrated resorts and is located on the island of Sentosa which is visited by some five million people a year. Expected to be one of the world’s most exciting family destinations, RWS will be a collection of resorts with a wide range of attractions for families. Spanning 49 hectares, this AED15 billion mega-resort will be home to Southeast Asia’s first and only Universal Studios theme park, the world’s largest oceanarium and the region’s first integrated destination spa.
DDS has been contracted to provide interior design fit-out works and services including the supply of furniture for the 15,000 square meters entertainment venue in the luxury hotel, Maxim Residences.
Mr. Bernard Lim, CEO of DDS and Design Studio, said, “Resorts World at Sentosa will transform the landscape of Singapore when completed. We are proud to be associated with this exciting destination and look forward in bringing our expertise to the project. Our ability to secure good quality projects speaks volumes of the Company’s capabilities. We will build on this track record and continue to explore similar high end projects within the region.”
DDS, in which Depa holds 55% and Design Studio 45%, is a specialist company well-positioned to become a significant player offering comprehensive fit-out services, including turnkey and retrofitting services, to new and existing hospitality and commercial projects. The joint venture targets interior contracts in the hospitality & commercial segments within Singapore, Malaysia, Thailand, Indonesia and Vietnam.
This contract is expected to contribute positively to Design Studio’s and Depa’s financial performance for FY2009 / 2010.
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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 customized 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 16 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).
For more information, please refer to the corporate website: www.depa.com
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 Design Studio Furniture Manufacturer Ltd
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