Jungheung Construction Group Surpasses 1 Trillion Won in Urban Renewal Project Orders
Aerial perspective of the redevelopment project in Sangnam Sanho District, Changwon, Gyeongnam.
View original image[Asia Economy Reporter Donghyun Choi] Jungheung Construction Group announced on the 4th that its urban redevelopment project orders this year have surpassed 1.1 trillion KRW.
Among Jungheung Construction Group affiliates, Jungheung Tojeon participated as a consortium member with POSCO Construction as the lead contractor and Shindonga Construction in the general meeting held on the 31st of last month for the selection of the construction company for the 700 billion KRW-scale redevelopment project in Sangnam Sanho District, Changwon, Gyeongnam, and was selected as the construction company.
This project redevelops the area of 179-1 Sangnam-dong, Masanhappo-gu, Changwon City, Gyeongnam, into a landmark complex consisting of 3,219 apartment units and 218 officetel units, with 2,044 apartments excluding those for association members to be sold to the general public. Construction is scheduled to begin in March 2024 and be completed by May 2027.
This year, Jungheung Tojeon achieved orders totaling 5,288 units and 1.1553 trillion KRW in contract value, including 221 units of Busan Hyoseong Reconstruction, 833 units in Cheonan Cultural District, 254 units in Seoul Bongcheon 2 District, 1,828 units in Daejeon Seonhwa 1 District, 220 units in Seoul Gilhun Apartment, 249 units in Gumi Songnim Apartment, and redevelopment and urban environment maintenance projects in Changwon Sangnam Sanho District.
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Jungheung Construction Group established its Urban Redevelopment Project Team in 2015 and has accumulated approximately 3.9 trillion KRW in orders over the past five years. This year, it successfully surpassed its order target of 1 trillion KRW ahead of schedule, achieving a total cumulative order amount of 5 trillion KRW since the launch of its redevelopment business. A Jungheung Tojeon official stated, "We will actively pursue urban redevelopment project orders nationwide, including Seoul and the metropolitan area," he said.
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