Ssangyong Construction Consortium Wins Garak Ssangyong 1st Remodeling Contract

Largest Complex Ever... Construction Cost 800 Billion Won
309 Units Added Through Vertical Extension
Ssangyong Construction, POSCO Construction, Daewoo Construction, Hyundai Engineering Participate

Exterior view of Garak Ssangyong 1st Phase. (Provided by Ssangyong Construction)

[Asia Economy Reporter Kim Hyemin] The Ssangyong Construction consortium (Ssangyong Construction, POSCO Construction, Hyundai Engineering, Daewoo Construction) has secured the largest apartment remodeling project in South Korea's history.

Ssangyong Construction announced on the 16th that the consortium was finally selected as the contractor at the general meeting for selecting the construction company for the Garak Ssangyong 1st Apartment remodeling project in Garak-dong, Songpa-gu, Seoul, held the previous day. Among the 1,330 union members who participated in the electronic voting (out of a total of 1,631), 96.7% (1,286 members) voted in favor.

Completed in 1997, this apartment complex consists of 14 buildings ranging from 3 basement floors to 24 above-ground floors, with a total of 2,064 households. Because of this, it was considered the largest remodeling project with a construction cost reaching 800 billion KRW. It is the largest scale and highest amount in the history of remodeling in South Korea.

The consortium is composed of Ssangyong Construction as the lead company with a 26% stake, POSCO Construction 26%, Hyundai Engineering 25%, and Daewoo Construction 23%.

Garak Ssangyong 1st will be transformed into 14 buildings ranging from 5 basement floors to 27 above-ground floors through vertical extension remodeling of 3 floors, increasing the number of households to 2,373. All 309 additional households created by the remodeling will be sold to the general public. The number of parking spaces will also increase from 2,022 to 3,590. On the top floors, three sky community spaces and one sky rooftop garden for residents will be created.

The existing exclusive area per household will be expanded from 59㎡ for 1,032 households to 74㎡, and from 84㎡ for 1,032 households to 104㎡.

Meanwhile, Ssangyong Construction has developed its technical capabilities by completing four complexes since launching the industry's first dedicated remodeling team in July 2000. The cumulative order record is 15 complexes, totaling 13,000 households, and including this order, the cumulative contract amount reaches approximately 2.5 trillion KRW.

Son Jinseop, Executive Director of Ssangyong Construction, said, "By winning the largest remodeling project in the country, we have further solidified our position as the number one remodeling company," adding, "We plan to increase our market dominance through strategic alliances with other companies in line with the expansion of the remodeling market in the future."