Dongyang, Full-Scale Promotion of Housing Development and Maintenance Project

Memorandum of Understanding Signed Between Woori Asset Trust and Reconstruction Maintenance Project

At the business agreement signing ceremony held on the 4th at the headquarters of Woori Asset Trust located in Samseong-dong, Seoul, Jung Jin-hak, CEO of Dongyang (left in the photo), and Lee Chang-jae, CEO of Woori Asset Trust, are seen signing.
[Photo by Eugene Group]

[Asia Economy Reporter Kim Jonghwa] Dongyang (CEO Jeong Jinhak), an affiliate of Eugene Group (Chairman Yoo Kyung-sun), is set to actively strengthen urban regeneration and redevelopment projects in line with the government's housing supply expansion plan.

To successfully promote urban regeneration projects, Dongyang signed a Memorandum of Understanding (MOU) for housing development and maintenance projects on the 4th with Woori Asset Trust (CEOs Lee Chang-jae and Lee Chang-ha), a comprehensive real estate finance subsidiary of Woori Financial Group.

The signing ceremony held at Woori Asset Trust's headquarters in Samseong-dong, Seoul, was attended by key officials from both companies, including Dongyang CEO Jeong Jinhak and Woori Asset Trust CEO Lee Chang-jae.

Through this agreement, Dongyang and Woori Asset Trust plan to share relevant information and cooperate mutually to promote joint projects for stable real estate development such as urban regeneration projects and small-scale maintenance projects.

Dongyang has been actively securing orders in various construction industry solutions and construction platform service fields, including social infrastructure such as transportation facilities like roads, waterways, and ports, as well as culture, education, and environment.

Last month, Dongyang formed a consortium with Kolon Global and Samchully ENG to win a civil engineering contract worth approximately 120 billion KRW for the 'National Assembly Road Underground Road and Upper Park Construction (Phase 2) Section 1' project commissioned by the Seoul Metropolitan Government's Urban Infrastructure Headquarters.

Additionally, at the end of last year, Dongyang participated in the 'New Gwanghwamun Plaza Creation Project,' which integrates Sejong-daero in Gwanghwamun, Seoul, transforming the vehicle-centered urban structure into a plaza where citizens can rest and walk comfortably, demonstrating its recent prominence in urban regeneration projects.

Jeong Jinhak, CEO of Dongyang, stated, "We expect the urban regeneration and small-scale redevelopment maintenance project market to become more active due to the government's housing supply policy," adding, "We will spare no support or effort to complete a successful business model together with Woori Asset Trust."