POSCO Engineering & Construction Selected as Contractor for 'Garak Hyundai 5th Complex' Reconstruction Project in Seoul

[Asia Economy Reporter Yoo In-ho] POSCO Engineering & Construction announced on the 26th that it has been selected as the construction company for the Garak Hyundai 5th Reconstruction Project in Songpa-gu, Seoul.

POSCO E&C received approval from 114 out of 140 union members at the 'Garak Hyundai 5th Reconstruction Project' construction company selection general meeting held yesterday at Garden Five in Songpa-gu.

The Garak Hyundai 5th Reconstruction Project is a redevelopment project transforming two buildings of Garak Hyundai 5th Apartments located at 161-3 Garak-dong, Songpa-gu, Seoul, with a construction cost of 73.8 billion KRW. The number of households will increase from the existing 145 to 174 units in a building with 3 basement floors and 26 above-ground floors. Of these, 29 units excluding those for union members will be sold to the general public. Construction and sales are scheduled to begin in November 2021.

The complex will be named ‘The Sharp Songpa Lumista’.

POSCO E&C explained that it received overwhelming support from union members by demonstrating the financial soundness and track record of the construction company, which are important factors in urban maintenance projects, as well as upgrading the complex through alternative designs.

POSCO E&C is the only construction company among the top 10 domestic builders to have its credit rating upgraded in the first half of this year, possessing solid financial soundness based on a high credit rating. Based on this, it proposed financial support to the union, including project cost support without concerns about relocation expenses and 100% payment of contributions upon move-in.

Additionally, the alternative design, which expanded large-sized units for both union and general sales to reduce union contributions and increase the value of the complex, received favorable reviews from union members.

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