Bando Construction Wins Development Rights for 47-Story Residential-Commercial Complex Site in Goyang Janghang District

Location map of M-1 block in Janghang District, Goyang-si, Gyeonggi Province, where Bando Construction succeeded in the bid.

[Asia Economy Reporter Donghyun Choi] Bando Construction has turned on a green light for its full-fledged business diversification efforts by winning a large-scale residential and cultural complex site from Korea Land and Housing Corporation (LH) for the first time since strengthening its responsible management system through a group organizational restructuring in July.

On the 19th, Bando Construction announced that it had won the bid for the largest site, M-1 block, among the sites supplied by LH in Janghang District, Goyang City, Gyeonggi Province, on the 16th. The site covers a total area of 53,247㎡ and is planned to be developed into 1,694 apartments in buildings up to 47 stories high, along with commercial and cultural complex facilities. The total project cost is approximately 1.7 trillion KRW. It is reported that fierce competition took place as large construction companies and financially strong mid-sized construction companies participated in the bid. The land will be available for use after January 2024.

The M-1 block is adjacent to Baengma-ro and directly connected to Jayuro via Janghang IC. It is located about 1.5 km from Madu Station and Jangbalsan Station on Subway Line 3, offering excellent access to Seoul. Additionally, Kintex Station on the GTX (Great Train Express) Line A, located within a 3 km radius, is scheduled to open in 2023.

Bando Construction has successfully sold residential and commercial facilities incorporating cultural elements in new towns in the metropolitan area such as Sejong New City, Dongtan 2 New City, Gimpo Hangang New City, and Ilsan Hallyu World. Leveraging this experience, Bando Construction plans to build a 47-story landmark residential-commercial complex around Ilsan Lake Park.

A Bando Construction official stated, “To overcome the uncertainties in the construction market, we have been preparing for business diversification into various fields such as urban renewal projects, knowledge industry centers, and public construction orders, in addition to existing housing projects. Based on 50 years of experience as a developer, we will strengthen our capabilities to discover new business areas in the construction sector.”