Gwangju Jeonbang and Ilsin Textile Development Faces Setback as Daewoo Engineering & Construction Also Abandons Construction
Following POSCO's Withdrawal, Re-selection of Contractor Unavoidable
Construction and Sales Delayed... Completion Date Expected to Be Pushed Back
Aerial view of the former Jeonbang and Ilsin Textile sites in Imdong, Buk-gu, Gwangju. Photo by Song Bohyun
View original imageThe large-scale mixed-use residential and commercial development project planned for the former Jeonbang and Ilsin Textile sites in Gwangju has inevitably faced setbacks after Daewoo Engineering & Construction, which had been selected as the preferred negotiation partner, abandoned its construction rights.
On September 30, Champions City Complex Development PFV announced that Daewoo Engineering & Construction had verbally expressed its intention to withdraw from negotiations for the housing development construction. It is reported that Daewoo Engineering & Construction, after an internal review, concluded that undertaking the project alone would not be appropriate.
The Champions City project aims to build a total of 4,015 residential units, as well as office and commercial facilities, a luxury hotel, and a historical park on a 298,000-square-meter site in Imdong, Buk-gu, Gwangju. Hyundai Department Store Group was set to construct 'The Hyundai Gwangju,' and the mixed-use residential complex was to be built by POSCO E&C and Daewoo Engineering & Construction. However, both companies have now withdrawn from the project.
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The original plan was to begin construction next month and start the first phase of sales for the second complex (3,216 units), targeting completion by the end of 2029. However, with the withdrawal of the construction companies, the project will have to restart the contractor selection process. A representative from Champions City stated, "It is expected to take two to three months to select a new contractor, which means the completion date may also be adjusted."
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