Geumseong Baekjo Construction Wins Contract for New Officetel Construction at Gwangju Hanam Industrial Complex

[Asia Economy Reporter Yuri Kim] Geumseong Baekjo Construction announced on the 14th that it has won a 63 billion KRW officetel construction project in Gwangju.

The project site is located in the regeneration district within Hanam General Industrial Complex, Gwangsan-gu, Gwangju Metropolitan City. It consists of a total floor area of 50,016㎡, 5 buildings from 2 basement floors to 20 above-ground floors, with a total of 612 officetel units and commercial facilities.

The company stated, "This project is part of the Industrial Complex Environment Improvement Fund project, and the developer (GSI·The M Co Partners) plans to establish a special purpose company, secure developer equity and investment funds from the Ministry of Trade, Industry and Energy in advance, and proceed accordingly. The project will be promoted with a structure of responsible completion and managed land trust by stably raising project costs such as project financing (PF) funds through financial institutions." The construction period is about 26 months from the start date, with construction scheduled to begin in the first half of this year.

Geumseong Baekjo Construction is currently constructing Yemi Ji & Abinewswan at Gurae Station, Han River New Town, Gimpo, and Yemi Ji Triple Edu in Geomdan New Town, Incheon. It plans to start construction of Yemi Ji in Tangjeong District, Cheonan Asan this month and sell it in the second half of 2021 under post-sale conditions.

Jung Hwayoung, Vice President of Geumseong Baekjo Construction, said, "As this is the first construction project won in the Honam region, we will faithfully construct and responsibly complete the project based on Geumseong Baekjo's excellent construction capabilities. We will do our best to continue more projects in Honam in the future."

This content was produced with the assistance of AI translation services.