Hanyang Secures First Remodeling Order... Sustainable Growth Through Channel and Business Diversification

Changwon Daedong Central Apartment Remodeling Contract
"Fostering New Businesses Such as Energy and Smart City"

Hanyang is diversifying its order channels by entering the remodeling business. Based on this, the company plans to diversify its business into energy, smart cities, and other sectors to achieve sustainable growth.

Perspective view of Daedong Central Apartment remodeling in Changwon, Gyeongnam / Photo by Hanyang

On the 5th, Hanyang announced that it was selected as the final contractor at the general meeting for the remodeling project of Daedong Central Apartment in Changwon, Gyeongnam. Completed in 1993 with 1,040 households in the area of 124-2 Palyong-dong, Uichang-gu, Changwon, this complex will be transformed through remodeling into an apartment complex with 1,166 households from basement level 5 to ground level 21, along with auxiliary facilities and neighborhood living facilities. The construction cost is approximately 378 billion KRW.

This is the first time Hanyang has secured a remodeling project. Hanyang explained that its excellent construction capabilities, built by supplying about 200,000 households nationwide, and the strengthened 'Sujain (SUJAIN)' brand power through the 2021 renewal were highly evaluated.

The complex will feature differentiated specialized designs of Sujain, including a curtain wall look exterior, a sky lounge where residents can enjoy views of Changwon’s nature and urban landscape at a glance, an overwhelmingly large-scale gate, and a private cinema for cultural life.

With this construction contract acquisition, Hanyang’s order channels have expanded further. In addition to expanding its portfolio in the maintenance business sector, it has been actively securing public orders such as the natural gas supply facility in Wanju-gun, the fuel supply facility for Eumseong natural gas power plant, and the third section of the Shinbundang Line Gwanggyo~Homaesil double-track railway, steadily building up its order backlog.

Hanyang is also focusing on securing new growth engines to capture future markets such as liquefied natural gas (LNG), hydrogen, and renewable energy. The 'Northeast Asia LNG Hub Terminal' under construction in Myodo, Yeosu, Jeonnam, is regarded as the first purely commercial LNG terminal in Korea capable of storing and shipping LNG. Construction is underway with a target for commercial operation in 2026. Additionally, the 'Myodo Eco Energy Hub,' which includes hydrogen, carbon capture, utilization and storage (CCUS), ammonia, and district energy projects, is also being developed.

The renewable energy business has been operating the Solar City solar power plant stably since 2020 on approximately 1.58 million square meters of land in Haenam, equipped with the largest power generation capacity in Korea (98 MW) and the world’s largest energy storage system (ESS) with 306 MWh. In the future, the company plans to build the Solar City renewable energy hub terminal to create an industrial belt that realizes RE100 (100% renewable energy use). It will also establish a global data center cluster utilizing renewable energy in cooperation with affiliates of the Boseong Group.

A Hanyang official said, "We are achieving visible results with an order backlog of 5 trillion KRW by diversifying order channels beyond housing contracting projects to maintenance, remodeling, and public sectors." He added, "Based on this, we are focusing our capabilities on fostering new businesses such as energy, smart cities, and data centers to lay the foundation for sustainable growth."

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