GS Engineering & Construction Corp., South Korea’s third-largest builder, said Wednesday that it has won a 402 billion won ($383 million) contract to build subway sections in downtown Singapore.

Under the deal with Singapore’s Land Transport Authority, GS Engineering will complete the project by the end of 2016, after starting work next month.

GS Engineering said that it expects to post 74.5 billion won in sales every year from the project.

The South Korean builder also won a separate downtown subway project for Singapore in 2009.

The company reported a 21 percent on-year rise in its second-quarter net profit, with sales going up 0.46 percent on-year to 2.05 trillion won. 

(Yonhap News)