HJ Heavy Industries Surpasses 650 Billion KRW in Maintenance Project Orders This Year
Over 20% Growth in Maintenance Project Orders in the Past 3 Years
HJ Heavy Industries' construction division announced on the 28th that its urban renewal project orders this year reached 650 billion KRW, a 30% increase compared to last year.
Since the beginning of the year, HJ Heavy Industries has aggressively pursued orders for small-scale reconstruction and street housing maintenance projects. In the first half of this year, it secured orders for ▲Daecham-dong Haengbok Apartment Complex 2 Reconstruction Project in Pohang ▲Street Housing Maintenance Project in Yeonsan-dong area, Busan ▲Street Housing Maintenance Project in Yeokgok-dong area, Bucheon ▲Nohyeong Segi 1st Reconstruction Project in Jeju.
In the second half, additional orders were secured for ▲Ajin Apartment Street Housing Maintenance Project in Daegu ▲Guseo 4 District Reconstruction Maintenance Project in Busan ▲Samsung-dong Redevelopment Maintenance Project in Daejeon.
Over the past three years, the order performance for maintenance projects has increased by more than 20%. The order amounts were 400 billion KRW in 2021, 500 billion KRW in 2022, and 650 billion KRW in 2023.
Despite significant increases in construction costs due to rising raw material prices, labor costs, and prolonged high interest rates, as well as worsened conditions for housing project orders caused by intensified competition among companies and a sluggish sales market, the company achieved these results. Although concerns about project financing (PF) defaults have recently emerged, HJ Heavy Industries stated that it did not participate in PF projects.
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An HJ Heavy Industries representative said, "Despite the difficult situation caused by the downturn in the construction market, we strategically focused on redevelopment and reconstruction housing projects that can secure stable profits, and we expect this to have a positive effect on the company's future performance improvement."
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