GS·Posco Construction Consortium Selected as Contractor for Redevelopment of Incheon Sangok 5 District

[Asia Economy Reporter Donghyun Choi] The consortium of GS Construction and POSCO Construction will be responsible for the construction of the redevelopment project in Sangok 5 District, located at 370-58 Sangok-dong, Bupyeong-gu, Incheon, consisting of 1,533 households.

According to the industry on the 23rd, the Incheon Sangok 5 District Redevelopment Association selected the GS-POSCO Construction consortium as the contractor at the general meeting held the day before. Accordingly, old residential areas in Sangok 5 District will be replaced with apartments consisting of 1,533 households, ranging from three basement floors to 45 floors above ground. The estimated construction cost is 383.8 billion KRW.

Sangok 5 District is considered a location with many transportation benefits as the Seoul Subway Line 7 extension (Sangok Station) and the Metropolitan Express Railway (GTX) Line B (Bupyeong Station) are scheduled to be built nearby. The Bupyeong Station area is densely packed with large-scale distribution and commercial facilities, making living conditions convenient, and it is easy to access major areas in the metropolitan area using the Songnae IC of the Metropolitan Area 1st Circular Expressway.

On the same day, GS Construction also secured the construction rights for the redevelopment project in Deokso 3 District, Namyangju-si, Gyeonggi Province, through a consortium with Daewoo Construction. This project involves building 3,560 apartments ranging from three basement floors to 34 floors above ground on a 196,939㎡ site in Deokso-ri, Wabu-eup, Namyangju-si, Gyeonggi Province, with a total construction cost of 749 billion KRW. Deokso 3 District, located near Deokso Station on the Gyeongui-Jungang Line, is the largest among the nine districts of Deokso New Town. Having received approval for the establishment of the association in October 2016, the project had been stalled for a long time due to internal conflicts among association members and dismissal of the executive team, but since April, a new executive team has been formed and the selection of the contractor has begun, accelerating the project progress.

Meanwhile, with this order, GS Construction has recovered its urban maintenance project order amount to 2 trillion KRW for the first time in three years since 2017. In the construction industry, only Hyundai Construction, Lotte Construction, and POSCO Construction have surpassed 2 trillion KRW in maintenance project orders, making GS Construction the fourth. Previously, GS Construction secured construction rights for projects such as ▲Hannam Heights Reconstruction in Seoul (328.7 billion KRW) ▲Sipjeong 5 District Redevelopment in Incheon (125.1 billion KRW) ▲Gayang-dong 5 District Reconstruction in Daejeon (236.8 billion KRW) ▲Suan 1 District Reconstruction in Busan (196 billion KRW) ▲Munhyeon 1 District Redevelopment in Busan (1.01 trillion KRW).