Daewoo E&C Signs Remodeling Contract for Yongin Suji Hyundai...390 Billion KRW Deal

Daewoo Construction Executive Director Kim Young-il (left in photo) and Suji Hyundai Apartment Remodeling Project Union Chief Park Saeng-hwan (right in photo) are signing the construction contract.

Daewoo E&C announced on the 31st that it has signed a construction contract for the 'Suji Hyundai Apartment Remodeling Project' taking place in the area of 700-1, Pungdeokcheon-dong, Suji-gu, Yongin City.

This is Daewoo E&C's first remodeling project pursued independently in 12 years and the first remodeling contract of this year. The company was selected as the contractor through a general meeting of the association in June, with a total construction cost of 387.6 billion KRW.

The Yongin Suji Hyundai Apartment is planned to be horizontally expanded from the existing scale of 12 buildings, 1 basement floor to 15 above-ground floors, totaling 1,168 households, to 12 buildings, 2 basement floors to 16 above-ground floors, totaling 1,343 households.

Daewoo E&C is the first in the industry to complete a 'wall-type structure apartment' (Walkerhill Prugio in Gwangjin-gu) and is one of the few contractors in Korea with remodeling experience in apartments. Additionally, it has accumulated years of project experience by winning and managing over 10 remodeling projects in the past.

However, due to various regulations and market stagnation, the company had been passive in remodeling projects for some time. Recently, as the number of mid-rise aged apartments rapidly increased and the remodeling market expanded, Daewoo E&C shifted its business strategy to actively pursue remodeling projects in response to the changing external environment.

In March, Daewoo E&C formed a dedicated remodeling team to improve the overall work process of remodeling projects, focusing on construction technology and product development. The company also set a plan to secure remodeling projects worth 300 to 500 billion KRW annually. As a result of these efforts, Daewoo E&C was selected as the contractor for the Garak Ssangyong 1st remodeling project, known as the largest remodeling project this year, in May.

A Daewoo E&C official stated, "Our past experience of handling the entire process from permits to completion is greatly helping us resume remodeling projects now," adding, "Since remodeling projects have high construction difficulty and considerable business risks, we plan to select and secure excellent projects with good locations and ensured profitability after remodeling."

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