POSCO E&C, First in Construction Industry to Surpass 1 Trillion Won in Remodeling Orders This Year

A bird's-eye view of the remodeling project for Hyangchon Lotte Complex 3 and Hyundai Complex 4 Apartments in Anyang, Gyeonggi-do.
[Photo by POSCO E&C]

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POSCO E&C (formerly POSCO Construction) has surpassed 1 trillion KRW in remodeling project orders this year, becoming the first construction company to achieve this milestone.

POSCO E&C announced on the 17th that it was finally selected as the contractor at the general meeting for the selection of contractors for the remodeling projects of Lotte 3rd and Hyundai 4th apartments in Hyangchon Village, Pyeongchon New Town, held on the 15th, surpassing a cumulative order amount of 1 trillion KRW.

Following the orders for Pyeongchon Chowon Sekyung (244.6 billion KRW) in January and Busan Haeundae Sangnok (388.9 billion KRW) in February, POSCO E&C secured orders for both Pyeongchon Hyangchon Lotte 3rd and Hyundai 4th on the same day, recording remodeling project orders totaling 1.1475 trillion KRW. The company is also preparing for consecutive remodeling orders in areas such as Gangnam and Songpa in Seoul and Jungdong, Bucheon, a first-generation new town.

The Hyangchon Village Lotte 3rd apartment located in Pyeongchon-dong, Dongan-gu, Anyang-si, Gyeonggi-do, which was ordered this time, will be remodeled from the existing 530 households to 609 households (79 newly built units), and the Hyangchon Village Hyundai 4th apartment will be remodeled from 552 households to 628 households (76 newly built units). The remodeling will include horizontal and separate building extensions, with a total order amount of 514 billion KRW.

Although the two complexes are not integrated, POSCO E&C plans to consider their adjacent locations and transform the existing above-ground parking lots into landscaped parks as if they were a single complex, and introduce a panorama road connecting the two complexes to Pyeongchon Central Park. Once each complex is completed, the combined total of over 1,200 households is expected to create a large complex premium effect.

Since establishing a dedicated remodeling department in 2014, POSCO E&C has achieved cumulative orders for 34 sites and 36,369 households. Additionally, six years after being selected as the contractor, the company successfully completed Gaepo The Sharp Trie in December 2021, and is currently constructing two sites in the Gangnam area: Songpa Seongji Apartment and Dunchon Hyundai 1st Apartment.

Three complexes in the first-generation new towns, including Bundang Mujigae Village 4th Complex and Nutimaeul 3rd and 4th Complexes, are also scheduled to start construction within this year, demonstrating the company's recognized ability to commence projects within a short period.

Last month, as part of leading the remodeling industry, POSCO E&C held a 'Remodeling Partnership Strengthening Briefing' inviting executives and employees from 142 remodeling specialized partner companies. The briefing, aimed at sharing remodeling-related technical know-how with partners and promoting mutual growth, became an opportunity to explore a path of coexistence, reflecting POSCO E&C's commitment to expanding the remodeling industry's base and the partners' desire to find new business opportunities.

A POSCO E&C official stated, "According to the Ministry of Land, Infrastructure and Transport, 50.5% of residential buildings nationwide are over 30 years old, highlighting the increasing severity of aging residential buildings. Remodeling is an important means to improve this situation early." He added, "When buildings are safe, POSCO E&C will contribute to solving residential aging in an eco-friendly way by responding to residents' needs to renew their homes more safely and conveniently to improve their quality of life early."

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