Daewoo E&C Wins Contract for 'Hanguk Chojoun Incheon Logistics Center New Construction Project'
by Sim NaYoung
Published 29 Feb.2024 10:08(KST)
Total Construction Cost of 493 Billion KRW
New Construction of Warehouse Building from B1 to 7F and Support Building from B1 to 4F
Daewoo E&C announced on the 29th that it has won the contract for the construction of the ‘Korea Cryogenic Incheon Logistics Center,’ the largest ultra-low temperature logistics center in South Korea.
The Korea Cryogenic Incheon Logistics Center construction project involves building a warehouse building with one basement floor to seven above-ground floors, including an ultra-low temperature section, and a support building with one basement floor to four above-ground floors on a 118,658㎡ site located at 590 Songdo-dong, Yeonsu-gu, Incheon Metropolitan City. The total construction cost amounts to 493 billion KRW. The client is Korea Cryogenic Incheon, a special purpose company established by EMP Belstar, a private equity fund specializing in energy infrastructure, Korea Gas Corporation, and Korea Gas Technology Corporation.
The Korea Cryogenic Incheon Logistics Center, contracted by Daewoo E&C, will be constructed as an eco-friendly low-temperature logistics center using liquefied natural gas (LNG) cold energy. LNG cold energy is generated when LNG at minus 162 degrees Celsius is vaporized to 0 degrees Celsius. The cold energy is used to operate the freezer warehouse, and the vaporized natural gas is utilized for power generation. By using LNG cold energy, freezing temperatures can be achieved in a short time, reducing electricity consumption by more than half compared to conventional electric freezers.
Ultra-low temperature logistics centers gained importance as storage facilities during the global pandemic when vaccines exposed to room temperature were discarded. In particular, Pfizer vaccines require storage at minus 70 degrees Celsius, and at that time, the Pyeongtaek logistics center operated by Korea Cryogenic was the only warehouse capable of maintaining minus 80 degrees Celsius, playing a key role in vaccine storage and distribution.
The Korea Cryogenic Incheon Logistics Center construction project contracted by Daewoo E&C has the advantage of stable payment collection as the client has secured 100% of the construction funding, unlike typical residential projects.
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