Ssangyong Construction Wins Seoul Hongeun-dong Street Housing Maintenance Project... Worth 49.5 Billion KRW

Perspective view of the street housing maintenance project in Hong Eun-dong, Seoul. (Provided by Ssangyong Engineering & Construction)

[Asia Economy Reporter Kim Hyemin] Ssangyong Construction announced on the 1st that it has been selected as the contractor for the street housing maintenance project in the area of 355 Hongun-dong, Seodaemun-gu, Seoul.

At the contractor selection general meeting held on the 30th of last month, Ssangyong Construction received 72% (80 out of 111) approval votes from the union members. The construction cost is approximately 49.5 billion KRW. As a result, the area of 355 Hongun-dong will be transformed into 'The Platinum' apartments, consisting of a total of 187 households from basement level 2 to ground level 19. Construction is scheduled to begin in February 2024 and be completed by May 2026. The number of general sale units excluding union members is 75 households.

Starting with the remodeling contract for Gwangmyeong Cheolsan Hanshin Apartments in Gyeonggi-do in March this year, Ssangyong Construction has secured projects worth a total of 1.51 trillion KRW, including ▲ May remodeling of Garak Ssangyong 1st in Songpa, Seoul, and Busan Taekwang Mansion street housing maintenance project ▲ June street housing maintenance project in Samdeok Jinju, Anyang, Gyeonggi-do ▲ September street housing maintenance project in Oncheon 2nd Public Parking Lot area, Busan. This is the first time this year that Ssangyong Construction has won a street housing maintenance project in Seoul.

A Ssangyong Construction official stated, "As large-scale maintenance projects have slowed down, the market size for street housing maintenance projects, which have fewer regulations and faster project speeds, is expanding. Having achieved the result of winning a Seoul project just five months after entering the street housing maintenance project sector, we will continue to target urban maintenance projects such as small to medium-sized reconstruction projects located not only in Seoul but also in the metropolitan area and major cities."

Meanwhile, Ssangyong Construction has secured projects worth approximately 4.3 trillion KRW nationwide in the urban maintenance sector, including reconstruction, redevelopment, and remodeling, covering a total of 29 complexes and about 26,500 households.

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