[Asia Economy Reporter Moon Jiwon] The consortium of Dongbu Construction and Daewoo Construction has been selected as the contractor for the redevelopment project of Sanggye 2 District in Sanggye-dong, Nowon-gu, Seoul, with a total construction cost of 477.5 billion KRW.
According to the company on the 15th, the Sanggye 2 District redevelopment project involves building 22 apartment buildings with 2,200 units, ranging from 8 basement floors to 25 above-ground floors, in the aging residential area of Sanggye-dong 111-206. Of these, 251 units are for general sale, excluding those allocated to association members and rentals.
The consortium proposed the complex name as ‘Sanggye The Foreste’. It is a combination of ‘Forest’, meaning woods, and ‘Gate’, meaning gateway.
It is unusual for a mid-sized construction company to win a large-scale maintenance project in Seoul. An industry insider said, "The brand image built in the past under the ‘Centreville’ brand in areas like Gangnam and Yongsan seems to have influenced the contract award."
Sanggye 2 District is a station area adjacent to Dangogae Station on Seoul Subway Line 4. Especially, large-scale new town projects are underway in this area, and it is expected to transform into a large apartment complex. With the Dongbuk Line light rail and the metropolitan area express railroad (GTX) Line C also in progress, transportation conditions are expected to improve.
A Dongbu Construction official stated, "Sanggye 2 District is the largest among the Sanggye New Town areas," adding, "We plan to build a premium complex that can become a landmark."
Earlier, in December last year, Dongbu Construction also won the Jeonju Jonggwangdae 2 District redevelopment project worth about 100 billion KRW. This project involves constructing 526 apartment units ranging from 3 basement floors to 15 above-ground floors in Inhu-dong 1-ga 171 area of Jeonju City.
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