Cumulative urban redevelopment orders top W350b this year
Shindongah Construction has won the contract for a street housing redevelopment project in Beomcheon Zone 1, Busan, worth about 250 billion won ($186 million). The win pushed the company's cumulative order value from urban redevelopment projects this year past 350 billion won.
Shindongah Construction said Wednesday that it was selected as the contractor after receiving more than 90 percent approval from association members at a general meeting for the Beomcheon Zone 1 street housing redevelopment project held Sunday.
The project covers an area near 737-7 Beomcheon-dong, Busanjin-gu, Busan, and will build three residential buildings with five basement floors and up to 42 stories above ground, comprising apartments, officetels and other amenity facilities. The complex will include 499 apartment units and 76 officetel units. Total construction cost is estimated at about 250 billion won.
Shindongah Construction has continued to win small-scale urban redevelopment contracts this year. It recently secured the Yongsan headquarters development and the Dongjak-gu Capital Defense Command public housing project, followed by the Gangbyeon Hyundai apartment redevelopment project in Pungnap-dong. In June, the company won a 50.3 billion won contract for a street housing redevelopment project in Bisan-dong, Anyang, Gyeonggi Province. In August, it secured construction rights for a similar project in Pungnap-dong, Songpa-gu, Seoul, worth about 54 billion won. The company plans to expand the use of its Pamillie brand, focusing on residential projects along the Han River.
Including the Beomcheon Zone 1 win, Shindongah Construction's cumulative order value from redevelopment projects this year has surpassed 350 billion won.
The company plans to focus its capabilities not only on street housing redevelopment projects in Seoul and the Greater Seoul area but also on profitable urban redevelopment projects in regional cities.
A Shindongah Construction official said, "We are concentrating our capabilities on street housing redevelopment projects in Seoul and the Greater Seoul area, as well as highly profitable urban redevelopment projects in regional cities. We plan to continue high-quality order-winning activity centered on areas with strong locations and low risk."
quq@heraldcorp.com
