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SINGAPORE : Home-grown interior design firm Design Studio is joining hands with the world's fifth largest interior fit-out company Depa United Group.
Their joint venture, DDS Asia Holdings, is targeting business opportunities in the hospitality and commercial sectors.
DDS Asia has a share capital of $10 million, and will go for projects worth over $50 million.
Work has already begun on some $54.4 billion worth of construction projects already committed to, in Singapore, up till 2010.
DDS Asia is eyeing that pot of gold, as well as opportunities in other countries in the region.
It will target interior fit-out contracts in the hospitality and commercial segments in Singapore, Malaysia, Thailand, Indonesia and Vietnam.
Bernard Lim, CEO of Design Studio, said new hotels were coming up in Singapore, and with the two upcoming integrated resorts, the company will bid for all these hotel jobs. Likewise, he said, new hotels are also coming up in neighbouring countries like Thailand and Indonesia.
Dubai-based Depa holds 55 percent of the joint venture while furniture manufacturer Design Studio holds 45 percent.
Mohannad Sweid, CEO of Depa United Group, said: "This joint venture is very important for Depa. Design Studio have the knowledge of the area and specifically of Singapore, Thailand and Malaysia, they have the know-how. They have the production capacity here.
"We have all the experts that the projects require to be delivered and this is what we are bringing to the table, besides the financial strengths of the company as well."
In Singapore alone, the hotel sector requires over 5,000 rooms to be built or renovated in the next few years, to cater to the influx of tourists for events such as the inaugural Formula One race later this year. - CNA/de
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