Daewoo Engineering & Construction Co., South Korea’s fourth-largest builder, said Wednesday it has clinched a $330 million order to build a residential complex in western Saudi Arabia.

Under the deal with the Kele Saudi Arabia Ltd., Daewoo Engineering will construct 360 residence units for 7,200 households in a new town at the coastal city of Jeddah.

The construction is scheduled to be completed by February 2016, the builder said.

The Saudi government is pushing for a $67 billion housing project to build 500,000 new homes by 2014 in a bid to meet the country’s growing demand.

Daewoo Engineering has won overseas orders worth $3.9 billion so far this year. 

(Yonhap News)