Doosan Wins Wonju Wondongnamsan Redevelopment Project... Secures 820 Billion KRW Orders in First Half of the Year

[Asia Economy Reporter Onyu Lim] Doosan Construction announced on the 28th that it has won the Wonju Wondong Namsan Housing Redevelopment Project worth 215.3 billion KRW. This success comes just a month after securing the Masan Hapjeong 2 District Housing Redevelopment Project worth 123.9 billion KRW on the 31st of last month.

The Wonju Wondong Namsan Housing Redevelopment Project is a large-scale complex located in Wondong 105-1 area, Wonju City. It consists of 14 buildings with 2 basement floors and a maximum height of 24 floors, totaling 1,167 households mainly with 84㎡ (exclusive area) units. Construction is scheduled to start by the end of this year and be completed in 2024.

Doosan Construction's housing business division succeeded in winning about 821.8 billion KRW from six projects in the first half of this year. This amount corresponds to 792% of the order amount in the first half of the previous year. A Doosan Construction official said, "Since the beginning of the year, projects such as Seokgye in Yangsan, Gyeongnam, Songjeong Apartments in Geoje, Gwangju Tanbeol Apartments, Masan Hapjeong-dong 2 District Redevelopment, and Pyeongnae Jinju Apartments in Namyangju have been secured, successfully turning the atmosphere around."

In addition to housing maintenance projects, the company is also performing well in various other fields. The civil engineering division ranked within the top 5 in the public market order scale in the first quarter. It secured orders including the ‘Expressway No. 50 Yeongdong Line Ansan~Buksuwon Section Expansion Construction Section 1 (109.8 billion KRW)’ commissioned by Korea Expressway Corporation, as well as the ‘Pyeongtaek Area Electric Supply Facility Power Duct Construction’ and ‘National Support Local Road No. 60’, recording 156 billion KRW in orders in the first quarter and ranking 4th.

Doosan Construction, which has established a strong image in the civil engineering market with projects such as the Shinbundang Line and Gangnam Circular Road, is once again attracting attention in the private investment project sector. The Western Light Rail Transit Project (Saejeol Station~Seoul National University Entrance Station), first proposed by Doosan Construction in 2017, passed the eligibility assessment in June last year and the PQ evaluation in March this year, and is currently designated as the preferred negotiator, making the order highly likely. Additionally, it is competing to win the ‘Wirye Line Urban Railway Construction Project,’ Korea’s first tram (streetcar) construction project.

Along with strong performances in each business sector, Doosan Construction has drastically reduced its total borrowings and net borrowings to about 1/10 and 1/20 levels respectively compared to over 10 years ago. A Doosan Construction official said, "We will continue to do our best to strengthen financial soundness while focusing our capabilities on sustainable growth, including securing high-quality projects and improving cost rates."

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