POSCO Construction Selected as Contractor for Busan Daeyeon 8 District Redevelopment Project

[Asia Economy Reporter Yoo In-ho] POSCO Engineering & Construction announced on the 18th that it was selected as the construction company for the redevelopment project at Daeyeon 8 District in Nam-gu, Busan, during the general meeting of the district's union members.

Daeyeon 8 District, with a scale of 3,500 households, is called the largest urban renewal project in Busan this year, with construction costs reaching 900 billion KRW.

POSCO Engineering & Construction won the project rights by receiving 639 votes in a vote participated by 1,195 union members, surpassing the HDC Hyundai Development & Lotte Construction consortium, which received 541 votes.

POSCO Engineering & Construction persuaded the union members by stating, "We will pay 30 million KRW per household as complaint handling fees and construct the project at the lowest construction cost (4,365,000 KRW per 3.3㎡) among redevelopment and reconstruction projects."

The Daeyeon 8 District Housing Redevelopment Project is being promoted in the area of 1,173 Daeyeon 4-dong, Nam-gu, Busan, covering a district area of 191,897㎡, a floor area ratio of 258.79%, and a scale of 3,516 households across 30 apartment buildings.

A POSCO Engineering & Construction official said, "We believe that the union members trusted our will and sincerity as a result of our sincere proposal along with a single bid," adding, "We will concentrate all resources and capabilities to transform it into Busan's top luxury residential complex and fulfill our mission as a corporate citizen that grows together with the community by repaying as a landmark within the region."

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