STX Engineering and Construction Corporation signs MOU with KNUST

Accra, June 12, GNA - STX Corporation, a South Korean holding company engaged in a chain of

businesses and services, has entered into public-private partnership agreement with Ghana, to build

200,000 housing units to boost the housing stock in Ghana. Within the context of this agreement, the Republic of Korea through the STX will provide a

development financing package of $10 billion Dollars to Ghana. The implementation of the national

housing project is planned within a five-year period, spanning 2010 to 2015. A statement issued by Mr Bernard Kwabena Asamoah, Chief Executive Officer, STX Construction in

Accra, said the broad mission of the STX housing project is to provide adequate housing that is safe,

decent, secure, healthy, accessible and affordable to a wide range of Ghanaian populace and also help

Ghana to achieve its broad macro-economic development objective of reaching a middle income status. He said in an attempt to ensure a successful delivery of the project, STX has signed a Memorandum of

Understanding with the College of Architecture and Planning of the Kwame Nkrumah University of

Science and Technology (KNUST) to be the main consultant of the project. This arrangement between STX and the KNUST is aimed at ensuring local content participation,

maintenance of high standard of quality and productivity. Mr Asamoah said it would also utilise local resources such as technology, materials and labour and

indigenise the project output to conform to the cultural and ethical aspirations of Ghanaians. The university's role as the main consultant to the project is in two-folds: "The first phase involved

the development of Project Implementation Framework (PIF). The PIF defines the key components, the

implementation strategies and housing delivery models for this unique affordable housing project. The

PIF, which has been successfully completed and submitted to the STX describes, explains and presents

recommendations on issues relating to potential beneficiaries (demand typologies), land and land-use

planning, infrastructure provision, house types, and monitoring and evaluation arrangements for the

project implementation. "The framework also appraises the housing market in Ghana, and provides a balanced mix of housing

delivery models to be implemented that will satisfy the short and long term project goals. "Following the outcome of the PIF, the second phase of the KNUST engagement on the project shall

be the provision of Planning, Architectural and Engineering Consultancy Services. The key areas of the

services to be provided under this phase include: Architectural Designs; (concepts, sketch designs,

working drawings and design management". "Engineering Services including Structural, Mechanical, Electrical, Geotechnical, Transportation,

Water and Sanitation, Quantity Surveying Services including pre-contract planning, post-contract

planning, cost control, cost planning, contract packaging, tendering. Construction Supervision, Project

Management and Procurement Services, and all other technical support services that would require the

input of the Consultant (KNUST)." The $10 billion investment initiative if successfully implemented would make a substantial

contribution in Ghana's housing deficit, Mr Asamoah said. STX has many international subsidiaries including: STX Offshore and Shipbuilding, STX Engine, STX

Heavy Industries, STX PanOcean, STX Energy and STX Construction. "Whilst STX Offshore and Shipbuilding is the world's fourth largest shipbuilder, STX Construction

remains the Korea's number 12 conglomerate subsidiaries, establishing a name as Koreans

representative global leader for comprehensive construction, civil works, housing and plant

manufacturing." 12 June 10