(Reuters) -Singapore's Koh Brothers Eco Engineering said on Tuesday its unit secured a S$999 million ($776.77 million) contract from Changi Airport Group to construct intraterminal tunnels at the airport's upcoming fifth terminal.
Koh Brothers said its unit, Koh Brothers Building & Civil Engineering Contractor, will carry out the contract through an integrated joint venture with Penta-Ocean Construction, a Japanese firm.
The company, which provides engineering services, holds a 30% stake in the joint venture.
Changi Airport, the world's fourth-busiest airport by international passengers, started building a fifth terminal in May as it aimed to capitalise on growing air travel in Asia following the pandemic.
Passenger numbers in Asia-Pacific are projected to double by 2043, with an annual growth rate of 5.1%, outpacing expected growth in Europe and North America, according to the International Air Transport Association (IATA).
The construction is expected to take a little over four years, the Singapore-listed firm said in its statement.
($1 = 1.2861 Singapore dollars)
(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Vijay Kishore)
