Daewoo Construction Consortium Selected as Contractor for 'Sanggye 2 District Redevelopment Project'

[Asia Economy Reporter Yoo In-ho] Daewoo E&C announced on the 11th that it has been selected as the construction company for the ‘Sanggye 2 District Housing Redevelopment Project’ in Seoul.

The consortium of Daewoo E&C and Dongbu Construction won the project rights by beating competitors at the general meeting of the Sanggye 2 District Housing Redevelopment Project held the day before in the area of 111-206, Sanggye-dong, Nowon-gu, Seoul.

This is Daewoo E&C’s second contract following the ‘Heukseok 11 District Redevelopment Project’ won on the 4th, and Dongbu Construction’s first contract of the year.

The Sanggye 2 District Redevelopment Project involves constructing a total of 2,200 households on a site of 100,842㎡, consisting of 22 apartment buildings ranging from 8 basement floors to 25 above-ground floors, along with auxiliary welfare facilities. Among the total 2,200 households, 1,430 units are allocated to association members, 519 units are for rental, and 251 units will be sold to the general public.

The total construction cost is 477.6 billion KRW. Of this, Daewoo E&C holds a 60% stake (286.5 billion KRW), and Dongbu Construction holds 40% (191 billion KRW).

Sanggye 2 District is the largest complex within Sanggye New Town. It is a prime location adjacent to Danggogae Station on Subway Line 4, and offers easy access to Seoul and the metropolitan area via the Seoul Metropolitan Area 1st Ring Expressway and Dongbu Expressway.

Shin Sanggye Elementary School and Deokam Elementary School are within a 10-minute walking distance, and nearby are Sanggye Jeil Middle School, Jaehyeon Middle School, Jaehyeon High School, and the academy district in Junggye-dong, providing an excellent educational environment.

Nowon-gu, where Sanggye New Town is located, has a high proportion of apartments over 10 years old, resulting in strong demand for new apartments. With the ongoing projects such as the Dongbuk Light Rail and GTX Line C proceeding as planned, and the completion of a New Town with approximately 8,000 households, Sanggye New Town is expected to establish itself as a representative emerging residential area in Nowon-gu equipped with both transportation and living infrastructure.

The Daewoo E&C consortium, selected as the construction company, proposed the complex name for the Sanggye 2 District Redevelopment Project as ‘Sanggye The Foreste’. The name combines ‘Forest’, meaning a clean forest, and ‘Gate’, meaning a gateway.

Sanggye The Foreste applies a landscaping plan that incorporates Suraksan Mountain into the complex, along with unique exterior designs such as curtain wall look and sky community. It features premium finishing materials including divided facade windows, wooden flooring, imported kitchen furniture, and imported tiles, as well as various floor plans designed with lifestyle considerations.

Sanggye The Foreste also incorporates various systems to enhance residents’ quality of life. The entire complex is divided into five zones with a ‘Clean Air System’ that purifies the air, an ‘Energy Cost Reduction System’ applying first-grade energy efficiency technology, a ‘Smart System’ utilizing Internet of Things (IoT) technology, and a ‘Disaster Preparedness System’ ensuring safety in emergencies such as fires and disasters.

The Daewoo E&C consortium also proposed various project conditions to reduce association members’ financial burdens. They support relocation loans up to 70% LTV for members’ moving expenses, set project activation costs, provide financial support through the Housing and Urban Guarantee Corporation, and offer legal support for dispute resolution.

A consortium official said, “Since Sanggye 2 District is the largest complex in Sanggye New Town, we focused on the complex design to make it a landmark complex and prepared the bid accordingly. With the participation of Daewoo E&C and Dongbu Construction, both experienced in redevelopment projects, we will leverage the expertise of both companies to ensure a stable and successful project.”

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