Korea Technology Subsidiary Wins 72.1 Billion KRW Contract for 'Siwha MTV Geobukseom Residential Accommodation Facility'

Perspective view of Sihwa MTV Turtle Island Marine Complex.

[Asia Economy Reporter Jang Hyowon] Daewoo Shipbuilding & Marine Engineering Construction, a subsidiary of Korea Technology (CEO Shin Yonggu, Lee Byunggil), a KOSDAQ-listed company, announced on the 4th that it has won a contract worth 72.1 billion KRW for the construction of a residential-type lodging facility on Turtle Island in Siwha MTV Multi-Techno Valley.

Following the contract worth 35.9 billion KRW in Siwha MTV last December, the company has now recorded a cumulative contract amount of 108 billion KRW in just two months for the Turtle Island project alone.

The project contracted by Daewoo Shipbuilding & Marine Engineering Construction is a new construction of a residential-type lodging facility worth 72.1 billion KRW, located on Block 3 of the commercial land on Turtle Island, Jeongwang-dong, Siheung-si, Gyeonggi-do, known as Korea's first smart industrial complex.

The building will be one residential-type lodging facility with 2 basement floors and 15 above-ground floors, comprising a total of 284 rooms. Surrounding facilities will include entertainment facilities, office spaces, neighborhood living facilities, and parking lots. The construction period is approximately 27 months from the actual start date.

Siwha MTV, a 3.01 million-pyeong area being developed on the northern tidal flats of Siwha Lake, is a high-tech complex harmonizing knowledge-based and advanced industries with academic research, distribution facilities, tourism, and leisure functions.

The location is surrounded by development benefits from Daebudo, Oido, and Songsan Green City. Additionally, three subway stations?Jeongwang Station and Oido Station on Line 4, and Choi Station on the Seohae Line?are nearby. The transportation network, including the planned Second Outer Ring Road and expanded road and rail systems, will enable access to the entire metropolitan area within one hour.

A company official stated, “Siwha MTV is Asia’s first and the world’s largest artificial surfing site and a hidden prime location embracing the sea,” adding, “It offers the rare value of ocean views and a living area within one hour of Seoul and the metropolitan area.”