A consortium made up of South Korean and Turkish contractors has finalised a deal to build a 3.6km suspension bridge over the Dardanelles Strait between European and Asian Turkey.
The team, comprises Daelim, SK, Limak and Yapi Merkezi will build the crossing for 10.35 billion Turkish lira ($2.8 billion), reported GCR.
The ceremony was attended by Korean transport minister Kang Hoin, who was visiting Ankara to promote Korean companies’ expertise in large-scale infrastructure projects.
Yesterday he signed a memorandum of understanding on railroads, roads, research and development, stated the report citing the Turkish state Anadolu agency.
The Korean team had been expected to win the build, operate, transfer contract since the end of January.
Its main advantage was that it had offered to recoup its expenses and hand the bridge back to the Turkish government in 16 years, less than its rivals.
Three other consortiums were in the running for the Canakkale bridge.
A team made up of IHI and Itochu of Japan and Makyol and Nurol of Turkey offered $2.72bn, with a 17 year, 10 month lease.
A consortium made up of China Road and Bridge Consortium and Cengiz and Kolin of Turkey bid $2.67bn with an 18 year, eight month lease. Astaldi of Italia and Ictas of Turkey bid $3bn with an 18 year, five month construction and lease time.