[2020 Asia Construction Awards] POSCO Construction, Daelim Construction, Hanshin Engineering & Construction, HDC Hyundai Development Company, GS Construction, Lotte Construction 'Comprehensive Grand Prize'

[Asia Economy Reporter Yoo In-ho] At the awards ceremony of the 15th Asia Construction Comprehensive Awards, the grand prize was awarded to POSCO Engineering & Construction, Daelim Industrial, Hanshin Engineering & Construction, HDC Hyundai Development Company, GS Engineering & Construction, and Lotte Engineering & Construction.

Eight companies including Daewoo Engineering & Construction, Daelim Industrial, Ssangyong Engineering & Construction, Hyundai Engineering & Construction, SK Engineering & Construction, Hanwha Engineering & Construction, Kumho Industrial, and Seoul Housing & Communities Corporation (SH) received awards in their respective categories. Hyundai Engineering & Construction won a special award in the overseas construction category.

Asia Economy completed the judging process for the 15th Asia Construction Comprehensive Awards on the 24th and selected and announced the honored winners who have shone in the construction industry this year. However, due to the novel coronavirus disease (COVID-19), a separate awards ceremony will not be held.

The construction industry, which has a significant effect on economic growth and job creation, has long served as a driving force for the Korean economy. More than 2 million people work in the construction industry, which contributes greatly not only to the lives and safety of the people but also to the local economy. In particular, the construction industry is recognized for playing a pillar role in the national economy even amid the spread of COVID-19.

This year’s grand prize mainly went to companies that achieved remarkable results in win-win cooperation and mutual growth, reflecting the trends of the times.

POSCO Engineering & Construction was selected as the grand prize winner in the win-win cooperation technology support category, and Daelim Industrial was selected in the financial support category, both receiving commendations from the Minister of Land, Infrastructure and Transport.

Hanshin Engineering & Construction was selected as the grand prize winner in the management innovation mutual growth support category, and HDC Hyundai Development Company was selected in the developer category, both receiving commendations from the Minister of Land, Infrastructure and Transport.

GS Engineering & Construction was selected as the grand prize winner in the win-win cooperation mutual growth category, and Lotte Engineering & Construction was selected in the architecture category, both receiving commendations from the Mayor of Seoul.

POSCO Engineering & Construction contributed to spreading a culture of win-win cooperation in the construction industry by operating various win-win cooperation programs such as Business, Society, and People for its partner companies. POSCO Engineering & Construction was highly evaluated for actively pursuing mutual growth with small and medium-sized partner companies through the operation of an innovation growth support group, establishment of a fair contract system, holding on-site meetings with partners, and abolishing the lowest bid system.

Daelim Industrial, born from the merger of Samho and Goryeo Development, construction companies within the Daelim Group in July this year, was praised for contributing to the development of the construction industry by continuously striving for win-win cooperation and expanding fair trade with partner companies. They promoted mutual growth with partners through 100% application of the standard subcontract agreement for the construction industry, improvement of bidding and ordering conditions, and mixed financial support.

Hanshin Engineering & Construction is promoting a systematic win-win cooperation plan through various institutional supports and mutual growth programs for partner companies. In particular, it received high marks for contributing to the financial stability and business normalization of partner companies by early payment of subcontracting fees to partners facing management difficulties.

HDC Hyundai Development Company has grown into the nation’s top comprehensive real estate development company through value-oriented management and continuous innovation. HDC Hyundai Development Company was highly evaluated for contributing to the construction industry by creating optimal spaces reflecting changing lifestyles as a leading developer and pursuing a human-centered architectural culture.

GS Engineering & Construction received praise from the judges for establishing win-win management throughout the entire process including selection, bidding, and process management to strategically nurture partner companies, thereby building a transparent and fair partnership.

Lotte Engineering & Construction, which won the grand prize in the architecture category, is focusing all efforts on expanding global orders with housing and construction projects as its main business. In particular, the "Gireum Station Lotte Castle Twin Gold" submitted for this Asia Economy Construction Award showed high popularity by closing the first-priority subscription with an average competition rate of 119.55 to 1 in the July sale.

Hyundai Engineering & Construction, which has carried out over 800 construction projects in more than 60 countries worldwide, was selected as the recipient of the special overseas construction association president’s award for contributing to the development of the construction industry by acquiring excellent overseas technology and applying it to domestic sites. The successful completion of the Lusail Highway construction project in Qatar, Middle East, was highly evaluated.

In addition, Daewoo Engineering & Construction (win-win cooperation social contribution), Daelim Industrial (architecture), Ssangyong Engineering & Construction (brand), Hyundai Engineering & Construction (plant), SK Engineering & Construction (management innovation), Hanwha Engineering & Construction (brand), Kumho Industrial (brand), and SH (architecture) were selected as winners in their respective categories and received the Asia Economy Representative Award.

The Asia Construction Comprehensive Awards hosted by Asia Economy were supported by the Ministry of Land, Infrastructure and Transport, Seoul Metropolitan Government, Korea Construction Association, Overseas Construction Association, Korea Research Institute for Human Settlements, Korea Institute of Construction Industry and Korea Real Estate Development Association.