Korea Technology Subsidiary Launches 14 Billion KRW Bucheon Sinheung Street Housing Redevelopment Project

Perspective view of Bucheon Sinheung Street Housing Maintenance Project.

[Asia Economy Reporter Jang Hyowon] Daewoo Shipbuilding & Marine Engineering Construction, a subsidiary of Korea Technology, announced on the 17th that it has signed a contract worth 14 billion KRW for the ‘Bucheon Sinheung Garojutaek Redevelopment Project’ and will begin full-scale construction preparations from the end of this year.

The ‘Bucheon Sinheung Garojutaek Redevelopment Project’ is a development to build one building with 84 units, ranging from one basement floor to 15 above-ground floors, on lot 95-3 in Simgok-dong, Bucheon-si, Gyeonggi-do. It will be constructed with a building coverage ratio of 23.77% and a floor area ratio of 249.09%. The completion date is targeted for September 2022, with groundbreaking scheduled for February 2021.

Even before pre-sale, the project has attracted significant attention due to its double subway station accessibility. Within a 10-minute walk from the complex are Bucheon Station on Subway Line 1 and Chunui Station on Line 7, offering excellent connectivity to other regions.

Convenient transportation options to various parts of Seoul are also well established. At the bus stop next to the complex, intercity buses 8, 71, and 661 provide direct routes without transfers to Seoul Dangsan, Yeongdeungpo, Gwanghwamun, and Gimpo Airport. Nearby Bucheon-ro is adjacent to the Gyeongin Expressway and the Seoul Ring Expressway, which is also notable.

Excellent school districts and abundant living infrastructure are additional strengths. Within a 15-minute walk are Bucheon Jungang Elementary School, Bucheon Buk Elementary School, Samwon Elementary School, Samwon Middle School, and Wonmi High School, providing a stable educational environment. Nearby are the city hall, large supermarkets, general hospitals, neighborhood parks, cinemas, and traditional markets, allowing easy access to neighborhood living facilities within close proximity.

Seo Boknam, CEO of Daewoo Shipbuilding & Marine Engineering Construction, stated, “We expect to continuously deliver news of contract awards and orders from this week through the end of the year based on the sales results we have achieved so far.”

Meanwhile, the Garojutaek Redevelopment Project is a system introduced in 2012 to revitalize small-scale redevelopment projects in urban areas. It refers to the small-scale redevelopment of aging residential areas within 10,000 to 20,000 square meters while maintaining the existing street blocks.

Recently, as part of the government’s measures to expand urban housing supply, related support measures and activation policies have been introduced, leading to increasingly active projects in Seoul, especially centered around the Gangnam area, which has good business potential.

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