Daewoo Construction's Aggressive Expansion in U.S. Real Estate Development Business

Jung Won-joo, Vice Chairman of Joongheung Group (second from left), Han Seung, Head of New Business Promotion at Daewoo E&C (middle left), and others are posing for a commemorative photo after signing the LOI with landowners and business stakeholders in New Jersey.

Daewoo E&C announced on the 9th that it signed a Letter of Intent (LOI) for a residential development project in New Jersey, USA, on the 6th (local time). This is the third achievement following the signing of development project agreements with Lewisville, Texas on the 3rd and Carrollton, Texas on the 5th.

The New Jersey residential development project consists of 370 units in a 20-story building and has already received housing development permits, making rapid project progress possible. Daewoo E&C plans to apply Korean-style ondol heating and domestic finishing standards, considering that the New Jersey-New York Manhattan area, where the project site is located, has distinct four seasons and that the finishing quality of rental apartments similar to this project site is significantly lower compared to Korea. A Daewoo E&C official stated, "We will open a new chapter of the Korean Wave in construction through the success of Korean-style residential culture products."

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