Hyundai vs GS Competition for Maintenance Project Orders... Achieving the '5 Trillion Club' Milestone

Hyundai Engineering & Construction Achieves Record High Performance Since Inception... 3 Consecutive Years as 'Industry No.1' Title
Close Pursuer GS Engineering & Construction Disappointing 2nd Place... Leading in Redevelopment and Reconstruction Orders

The winner of the fierce competition for the top spot in redevelopment project orders until the end of this year between Hyundai Engineering & Construction and GS Engineering & Construction was Hyundai Engineering & Construction. However, both construction companies recorded unprecedented strong performances, each surpassing a cumulative order amount of 5 trillion won this year and joining the '5 Trillion Club' for the first time in history.

According to industry sources on the 27th, Hyundai Engineering & Construction secured the redevelopment project for Heukseok District 9, with a total construction cost of 449 billion won, the day before. With this, Hyundai Engineering & Construction has won 21 urban maintenance projects this year, recording a cumulative order amount of 5.2741 trillion won. This is the largest performance since the company's founding and marks the third consecutive year as the industry leader. Additionally, large-scale project orders such as the Jamwon Galaxy 1st Apartment remodeling project (185 billion won) and Daechi Bichwi Town street housing (90.7 billion won) are within reach, so the total cumulative order amount for this year is expected to exceed 5.5 trillion won. This is more than 800 billion won higher than last year's record high of 4.7383 trillion won.

Since 2016, Hyundai Engineering & Construction has secured more than 1 trillion won annually in urban maintenance projects. In particular, last year, it was selected as the construction company for the Hanam 3 District redevelopment project in Yongsan-gu, Seoul, the largest redevelopment project in history, becoming the only company to enter both the 3 Trillion Club and the 4 Trillion Club. Hyundai Engineering & Construction self-assessed, "Since President Yoon Young-jun's inauguration, we have achieved the first breakthrough of 5 trillion won since the company's founding through diversification of business areas, organizational restructuring separating order sales and project promotion, and customized design and project condition proposals based on meticulous market analysis."

The record-breaking performance this year is attributed largely to the remodeling business, which Hyundai Engineering & Construction entered with a dedicated team formed in December last year. In January this year, Hyundai Engineering & Construction solely secured the remodeling project for Sinjeong Village 9 Complex in Suji, Yongin, and subsequently won a total of 1.7408 trillion won in orders including the Kumho Byuksan Apartment in Seongdong-gu (consortium), Banpo MV Apartment in Seocho-gu, and Jamwon Donga Apartment. This made it the top company in remodeling project orders within a year. The remodeling project for Jamwon Galaxy 1st Apartment, scheduled for the 31st of this month, was also bid on solely as the preferred negotiation partner, and if successful, the remodeling business orders this year alone are expected to reach 1.9258 trillion won.

GS Engineering & Construction, which closely chased Hyundai Engineering & Construction until the end, settled for a disappointing second place but achieved the milestone of joining the 5 Trillion Club for the first time. By securing the redevelopment projects for Sillim District 1 in Gwanak-gu, Seoul, and Baeksa Village in Junggye-bondong, Nowon-gu, the company achieved orders totaling 5.1436 trillion won in redevelopment projects this year. GS Engineering & Construction was selected as the final construction company for Sillim District 1, the first project under Seoul's rapid integrated planning redevelopment, forming a consortium with Hyundai Engineering and DL E&C. This project involves building 2,886 apartment units and ancillary facilities, with construction costs reaching 1.154 trillion won, and GS Engineering & Construction's share is estimated at 461.6 billion won. Baeksa Village, known as Seoul's last hillside neighborhood, is a redevelopment project to build a total of 2,437 households, including 1,953 multi-family housing units and 484 public rental housing units, with construction costs of 499.2 billion won. GS Engineering & Construction is recognized for leading the achievement of the 5 Trillion Club by being the frontrunner in redevelopment and reconstruction orders.

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