Taeyoung Construction Secures 102.5 Billion KRW Funding Through Commercial Paper Issuance and PF Loans

[Asia Economy Reporter Minyoung Kim] Taeyoung Construction announced on the 6th that it has succeeded in raising new funds despite the recent tightening of the capital market.

Taeyoung Construction raised 50 billion KRW in corporate operating funds through the issuance of new commercial paper (CP) on the 30th of last month. Additionally, it secured an extra 52.5 billion KRW in new PF loan commitments for the Jeonju Eco City 15BL rental housing project PF operating funds, raising a total of 102.5 billion KRW.

The company also completed the extension of existing PF loans. On the 17th of last month, Taeyoung Construction agreed with the lenders to extend PF loans totaling 300.7 billion KRW for the regional housing association project in Gonghang-dong, Gangseo-gu, Seoul. This project involves constructing a multi-family housing complex of 450 units across five buildings, ranging from three basement floors to 14 above-ground floors, on a site of approximately 11,000 square meters.

A Taeyoung Construction official stated, "Following the Legoland incident, the capital market has tightened significantly, triggering a cold wave in the construction industry. Nevertheless, we have continuously secured new funds and successfully rolled over PF loans at maturity. Coupled with favorable results in the housing business, we expect a gradual and stable recovery."

Taeyoung Construction is also performing well in the sales market. For example, the ‘Gwangju The Park Vista Desiang’ in Gwangju, Gyeonggi-do, recorded about 6,000 applications for 1,073 general supply units (excluding special supply) in the first priority subscription early last month, achieving a final competition rate of 5.6 to 1 in the first priority.

The ‘Ayajin La Mer Desiang’ supplied in Goseong, Gangwon-do, also set a record for the highest number of applications ever received in Goseong County, with 2,632 applications for 712 units (excluding special supply) in the first priority. In the second priority, subscriptions closed within the ranking with an average competition rate of 4.12 to 1. Previously launched complexes have all been fully contracted, maintaining a ‘zero unsold units’ status.

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