POSCO E&C Wins Noryangjin 1 District Redevelopment Project with 1 Trillion KRW Budget

POSCO E&C has been selected as the construction company for the redevelopment project of Noryangjin 1 District in Dongjak-gu, Seoul.

Noryangjin District 1 OTIER Dongjak Bird's-eye View / Image Courtesy of POSCO E&C

On the 27th, POSCO E&C was chosen as the construction company at the general meeting for the Noryangjin 1 District redevelopment project held at the Seoul Women’s Plaza in Daebang-dong, Dongjak-gu, with 90% of the union members’ approval (600 attendees, 538 votes). With this, POSCO E&C achieved a contract amount of 3.4 trillion KRW for urban maintenance projects this year, setting an industry-leading record.

The Noryangjin 1 District redevelopment project involves developing approximately 40,000 pyeong of land at 278-4 Noryangjin-dong into 2,992 apartment units, about 6,800 pyeong of commercial space, and ancillary welfare facilities. The total construction cost is 1.0927 trillion KRW. Among the eight districts in Noryangjin, Noryangjin 1 District is the largest and offers views of the Han River. It is also located in a triple station area with Noryangjin Station on Line 1 and Line 9, and Jangseungbaegi Station on Line 7.

POSCO E&C will apply its high-end brand "Otier" to Noryangjin 1 District. Residents will enjoy Otier’s differentiated design and over 40 types of imported premium finishing materials. Additionally, POSCO E&C proposed fixed construction costs, a priority one-year repayment of 820 billion KRW in project loans, and a golden time sales system as project conditions. These focus on maximizing union members’ benefits and ensuring swift and stable project progress, which received overwhelming support from the Noryangjin 1 District union members, according to POSCO E&C.

A POSCO E&C representative stated, "We will present the finest high-end residential complex befitting the core area of Gangnam in Noryangjin 1 District. Starting from Noryangjin, we will plant the Otier flag in key areas such as Banpo, Gaepo, Hannam, Seongsu, and Apgujeong to establish it as Korea’s leading premium residential brand."

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