'No.1 in Sight'... Dongwon Development Approaches Record for Most Apartment Sales in Busan Since 2010

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Dongwon Development (Chairman Jang Bok-man) ranked second in the survey of general apartment supply volume in Busan (based on data since 2010) and is preparing for new supply this year, indicating the possibility of becoming number one in the future.

According to data from the Korea Financial Telecommunications & Clearings Institute and the Korea Real Estate Board’s Apply Home, a total of 149,460 households have been supplied (based on general sales) in Busan as of June 23 since 2010. The construction company with the largest supply volume was Lotte Construction, with a total of 9,940 households across 17 complexes. Following closely behind was Dongwon Development, with 9,167 households across 18 complexes. The difference between Lotte Construction and Dongwon Development is only 773 households, making it uncertain when the top spot might change. In particular, Dongwon Development is scheduled to supply ‘Seomyeon Vista Dongwon’ this year, leaving open the possibility of overtaking to first place in the future.

Next, the third place was POSCO Construction with 7,165 households across 15 complexes, fourth was Daelim Industrial with 6,893 households across 13 complexes, and fifth was Booyoung Housing with 4,836 households across 12 complexes.

This result is significant in Busan, the second-largest city in the country after Seoul. Many construction companies ranked in the top 10 of the 2019 construction capability evaluation did not have large supply volumes in Busan. Samsung C&T, ranked first in construction capability, was only 11th in supply volume in Busan, and Hyundai Engineering, ranked seventh, was 20th in Busan. Hoban Construction, ranked tenth and based in the Honam region, dropped to 47th in Busan supply volume, making it the construction company with the least supply in Busan among the top 10 ranked companies.

This outcome appears to be related to the preference within Busan for local construction companies that are based in the region and have a high level of local contribution. In fact, companies such as Dongil (ranked 4th in Busan supply volume), Hyupsung Construction (10th), and Samjeong (18th) are positioned among the top ranks.

Among these, Dongwon Development’s premium brand Vista Dongwon has attracted attention from buyers by forming premiums wherever it is supplied, further increasing its brand value. According to the Ministry of Land, Infrastructure and Transport’s actual transaction prices, the 84.94㎡ exclusive area unit of ‘Haeundae Vista Dongwon’ (supplied in March 2016) in U-dong, Haeundae-gu, Busan, had an initial sale price of 591.3 million KRW. However, it was traded at 822.9 million KRW in January this year, rising by a remarkable 231.6 million KRW in just four years.

Additionally, the 84.97㎡ exclusive area unit of ‘City Hall Station Vista Dongwon’ (supplied in June 2016) in Yeonje-dong, Yeonje-gu, supplied by Dongwon Development, had an initial sale price of 441 million KRW but was traded at 606.8 million KRW last January, increasing by nearly 170 million KRW.

Moreover, Dongwon Development is known as Busan’s first licensed construction company, the first domestic company in the housing industry to receive the Gold Tower Order of Industrial Service Merit, and the only KOSDAQ-listed company in the Busan-Gyeongnam region, recognized for its significant local contributions. According to Dongwon Development, over the past 20 years with records available, the company has spent more than 90 billion KRW on educational projects, donations to local organizations, and support for low-income groups. Among these, it has gained attention for fulfilling corporate social responsibility through education, cultural and scholarship projects, and the leisure and tourism industry. Dongwon Development actively operates in various fields including general construction, finance, real estate, fisheries and seafood processing manufacturing, education and cultural scholarship projects, renewable energy industry, and tourism and leisure industry.

Separately, Chairman Jang Bok-man of Dongwon Development joined the Honor Society, a high-donation group, in 2017, becoming the 116th member of the Busan Honor Society. Furthermore, through the Dongwon Education Foundation, Dongwon Institute of Science and Technology, Dongwon School (middle and high school), and Dongwon Cultural Scholarship Foundation, the company is committed to educational and cultural projects and scholarship programs, reflecting Chairman Jang Bok-man’s philosophy that business leaders should take the lead in nurturing talent and giving back to society.

Financially, the company is solid. It received AAA credit ratings for four consecutive years from 2016 to 2019 in credit evaluations conducted by the Construction Guarantee Association. Over the past 45 years, it has supplied approximately 75,000 households nationwide. Last month, it won a housing redevelopment project worth 370 billion KRW in Changwon, Gyeongnam, and this month secured a 140.4 billion KRW reconstruction project for Samho Jugong in Ulsan, continuing to achieve notable results in redevelopment and reconstruction projects.

A Dongwon Development sales official stated, “Despite recent difficult circumstances, we have not forgotten our pride as a representative construction company of Busan,” adding, “We will continue to prioritize customer satisfaction as our highest value and strive to grow into a company with even greater prospects in the future.”