Guam - A government-ordered restructuring of a local construction firm and its parent company in Korea has delayed the completion of the Emerald Oceanview Park project in Tamuning. According to a press release from Younex International, the developer of the project, says Hanil Construction and Engineering was one of nine firms selected by the Korean government to restructure their operations with government oversight and support over the next 90 days.
The restructuring will result in a slight delay in construction of the Emerald Oceanview Park project. Senior Vice-President of Younex International Dave Tydingco told KUAM News, "What the government has done was to step in and say, 'Hey, let's evaluate which construction companies can viably work things out and then continue with their business and which companies can't', and then we'll select which companies can continue with government oversight and so there's going to be a little period. We're thinking it's going to be up to 90 days by which Hanil will work its way through the situation."
Younex meanwhile is still on track with the construction of the Ukudu Workforce Village, which is expected to open on November 1 with an initial 2,000 beds to support temporary workers brought in for the Guam buildup.