DL E&C and Hyundai Engineering Win 390 Billion KRW Suwon Remodeling Contract

Joint Construction of Sinseong Sinan Ssangyong Jinhung Apartment Remodeling Project
Transformation from 1,616 to 1,854 Households
Scheduled to Start Construction in October 2023

Suwon Sinseong Sinan Ssangyong Jinhung Apartment Remodeling Housing Project Expected Gate Perspective View

[Asia Economy Reporter Onyu Lim] DL E&C (formerly Daelim Industrial) and Hyundai Engineering consortium announced on the 7th that they have won the remodeling project for Suwon Sinseong Sinan Ssangyong Jinheung Apartment. The total construction cost is approximately 392.6 billion KRW, with DL E&C and Hyundai Engineering holding a 55 to 45 stake respectively. Suwon Sinseong Sinan Ssangyong Jinheung Apartment currently consists of 16 buildings from basement level 2 to ground level 20, totaling 1,616 households. Through horizontal and annex expansion remodeling, it will be transformed into 21 buildings from basement level 3 to ground level 20, totaling 1,854 households. Construction is scheduled to start in October 2023 and complete in November 2026.

Suwon Sinseong Sinan Ssangyong Jinheung Apartment boasts excellent regional transportation access, including proximity to Yeongtong Station on the Bundang Line and the Gyeongbu Expressway. The DL E&C and Hyundai Engineering consortium will apply energy-saving systems and a smart clean & care system that ensures safety from fine dust and viruses to the apartment complex. In particular, the remodeling will include exterior specialization to establish the complex as a regional landmark.

DL E&C, which successfully returned to the remodeling market this year, is rapidly establishing its presence in the sector. Following the 322.5 billion KRW Sanbon Ureuk Apartment project last month, it has secured remodeling projects worth approximately 540 billion KRW within a month. DL E&C has demonstrated differentiated technology and know-how in remodeling projects, successfully completing Korea’s first multi-family housing remodeling project at Mapo Yonggang Apartment (Riverside Green), Apgujeong Hyundai Employee Apartment (Apgujeong Acroville / Multi-family Housing Remodeling No. 2), and the third multi-family remodeling project at Ichon-dong Royal Mansion. DL E&C plans to actively participate in remodeling project bids centered around Seoul and the first-generation new towns.

Hyundai Engineering has also made remarkable progress in the remodeling market since this year. Following the remodeling project wins for Gwangmyeong Cheolsan Hanshin Apartment in March and Garak Ssangyong 1st Apartment in May, the consortium secured remodeling projects worth about 600 billion KRW in the first half of the year, including the Suwon Sinseong Sinan Ssangyong Jinheung Apartment remodeling.

A representative of the DL E&C and Hyundai Engineering consortium stated, "We will successfully complete the remodeling project through the technological capabilities and business expertise of DL E&C and Hyundai Engineering.”

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