FARMINGTON, Conn., May 9 /PRNewswire/ -- Otis Elevator Company, a unit of United Technologies Corp. (NYSE: UTX), was awarded a nearly $8 million contract to supply and install elevators for the first residential development in New Songdo City, South Korea's new international city and the world's largest private real estate development.
Otis will provide elevators, including high-speed units, to 1st World Towers, a group of mixed-use residential buildings ranging in height from two to 64 stories.
"We are honored Otis products have been selected for this premier development that will not only serve as a dynamic center for international business and luxury living, but will also incorporate innovative green design," said Otis President Ari Bousbib.
The environmentally friendly and energy-efficient city will balance residential, cultural, business, retail and recreational space. By 2015, New Songdo City is expected to include 50 million square feet of office space, 30 million square feet of retail space, 5 million square feet of hotel space and 10 million square feet of green space. Called the "gateway to Northeast Asia," New Songdo City is being developed on 1,500 acres of reclaimed land along Incheon's waterfront located 40 miles southwest of Seoul. The city will be connected to Incheon International Airport via a new bridge.
Otis Elevator Company is the world's largest manufacturer and maintainer of people-moving products including elevators, escalators and moving walkways. With headquarters in Farmington, Connecticut, Otis employs 61,000 people, offers products and services in more than 200 countries and territories and maintains 1.5 million elevators and escalators worldwide. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high-technology products and services to the building and aerospace industries.
