GS Engineering & Construction Sets 8 Trillion Won Target for Urban Redevelopment Orders This Year

GS Engineering & Construction announced on February 2 that it has set its target for urban redevelopment project orders this year at 8 trillion won. This figure, 8.08 trillion won, is similar to the company’s record-high order volume in 2015.

After a sharp rise in construction costs led to a significant contraction in the urban redevelopment sector in 2023, GS Engineering & Construction’s order volume for urban redevelopment projects stood at 1.5878 trillion won that year. The amount increased to 3.1098 trillion won in 2024 and 6.3461 trillion won last year, showing nearly a twofold increase each year.

GS Engineering & Construction has selectively secured orders focused on Seoul, the greater metropolitan area, and key regional cities with high business potential. In 2024, the company promoted projects under its newly rebranded Xi brand.

This year, the company plans to continue targeting selective orders not only in key areas of Seoul such as the Han River area and the three Gangnam districts, but also in metropolitan and major regional cities with strong business prospects. Following the official announcement of its bid for Seongsu District 1, a key site in the Seongsu Strategic Redevelopment Zone along the Han River, GS Engineering & Construction also submitted solo bids for the reconstruction projects of Gaepo Woosung 6th and Seocho Jinheung Apartments.

In addition, the company is expected to actively pursue urban redevelopment projects in core areas of Seoul, including the reconstruction of Apgujeong Districts 4 and 5, Yeouido Sambu, Eunha, and Samik Apartments, as well as Mok-dong Complex 12.

A GS Engineering & Construction representative stated, "With the urban redevelopment market expected to reach unprecedented levels, we will mobilize all our capabilities to become a trusted partner for the associations, ensuring prompt and successful project execution."

Meanwhile, on January 31, GS Engineering & Construction was selected as the contractor for the Songpa Hanyang 2nd Reconstruction Project, valued at 685.6 billion won, marking its first order of the year. Through reconstruction, the complex will be transformed into 12 buildings with 1,368 units, ranging from four basement levels to 29 floors above ground. GS Engineering & Construction proposed the name 'Songpa Central Xi' for the complex.

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