Sambu Construction Wins New Contract for Land Development Project in Naegok District, Changwon

[Asia Economy Reporter Hyungsoo Park] Sambutogeon announced on the 4th that it has won the contract for the land development construction project in Naegok District, Changwon.

The project won by Sambutogeon involves land development and installation of infrastructure in the urban development zone at 52 Naegok-ri, Buk-myeon, Uichang-gu, Changwon City. The project area is 1,496,074㎡ (452,562 pyeong), with a contract amount of 181 billion KRW. This corresponds to 80% of last year's sales, and the construction period is 48 months from the start date.

Currently, Changwon City is struggling to resolve issues such as population overcrowding, decline of urban functions, and changes in industrial structure. Upon completion of the land development construction, the idle land in Buk-myeon, Uichang-gu, Changwon will be developed, enabling the realization of bold population inflow policies such as expansion of residential infrastructure, creation of education-specialized complexes, and attraction of Changwon Medical University, similar to the development of a convergence-type new city.

This year, Sambutogeon's announced contract amount reaches approximately 700 billion KRW. As the contracted projects are recognized as sales starting next year, it is expected to lead to improved performance.

Up to the third quarter of this year, Sambutogeon has surpassed the previous year's annual sales, operating profit, and net profit.

A company official stated, "Sambutogeon is continuously enhancing competitiveness in existing business areas while focusing capabilities to secure future growth engines," adding, "We are actively promoting expansion of high-profit self-operated projects, participation in renewable energy businesses, and technology development in preparation for the 4th Industrial Revolution and the smart construction era."

He continued, "On the 19th of last month, we signed a memorandum of understanding for industry-academic cooperation with Seoul National University’s Global Smart Farm Innovation Talent Training Education and Research Group to jointly explore the application of smart farm technology in the construction field, and plan to conduct joint research."