Ilsandong-gu Pungdong 2 District Urban Development Project
Expected to Contribute to New Housing Supply in the Metropolitan Area
Perspective view of the Pungdong 2 District Urban Development Project in Ilsan, Gyeonggi Province (Photo by POSCO E&C)
[Asia Economy Reporter Moon Jiwon] POSCO Engineering & Construction has won an urban development project to build residential officetels and apartments totaling around 4,000 units in Ilsan, Gyeonggi-do. The total construction cost amounts to 1.1 trillion KRW.
POSCO Engineering & Construction announced on the 18th that it signed a construction contract on the 16th with the Pungdong 2 District Urban Development Project Association in Ilsandong-gu, Goyang-si, Gyeonggi-do, YSDNC Co., Ltd., and the Pungdong Day & View Regional Housing Association regarding this project.
POSCO Engineering & Construction will build 1,976 residential officetel units, 2,090 apartment units, and develop the site in the area.
Based on its successful urban development achievements domestically and internationally, including Songdo International City in Incheon, Esiapolis in Daegu, and Bac Giang new city in Vietnam, POSCO Engineering & Construction proposed customized business planning, design, and financing essential for project promotion to the developer.
A POSCO Engineering & Construction official said, "This project is a mini new town-level urban development project in Ilsan, one of the first-generation new towns," adding, "We will gather all our capabilities to present the The Sharp brand town in Ilsan."
This project includes site development of 340,000㎡, infrastructure such as underground roads and bridges, and residential facility construction. Among them, the 1,976 officetel units to be sold in June are designed as residential-type products that can replace apartments, with 8 buildings up to 42 floors above ground, exclusive area of 84㎡, and 4-Bays layout.
The apartments named 'The Sharp Ilsan Day & View' consist of 2,090 units in 18 buildings up to 36 floors above ground, with exclusive areas ranging from 64 to 84㎡ featuring various specialized designs. Construction is scheduled to start around the end of the year, and the project plans to provide a pleasant environment for local residents through specialized landscaping along Pungdongcheon stream that crosses the complex.
POSCO Engineering & Construction expects that this large-scale urban development project, which will create about 4,000 new residential units, will satisfy the demand of consumers seeking new housing in the metropolitan area.
Perspective view of the Pungdong 2 District Urban Development Project in Ilsan, Gyeonggi Province (Photo by POSCO E&C)
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