Ssangyong Construction Wins Busan Taegwang Mansion Street Housing Project...800 Billion KRW Scale

Aerial and perspective views of the Tagwang Mansion street housing maintenance project in Yeonsan-dong, Yeonje-gu, Busan. (Provided by Ssangyong Construction)

[Asia Economy Reporter Kim Hyemin] Ssangyong Construction has secured its first construction contract in the street housing maintenance project sale.

On the 18th, Ssangyong Construction announced that it was selected as the construction company with 97.4% approval from 79 union members (out of 91 total) at the general meeting of the construction company for the Taegwang Mansion street housing maintenance project located at 418-1, Yeonje-gu, Busan on the 16th. The construction cost is approximately 80 billion KRW.

Taegwang Mansion is expected to be transformed into 'The Platinum,' a residential-commercial complex apartment with two buildings, ranging from 4 basement floors to 29 above-ground floors, totaling 299 households through the street housing project. It is scheduled to receive management disposition approval in April 2022, start construction in February 2023, and be completed in March 2026. The number of general sale units excluding union members is 148 households.

A Ssangyong Construction official said, "This project is significant as it is our first order in the street housing maintenance project," adding, "The market size of the street housing maintenance project, currently estimated at about 20 trillion KRW, is expanding further, so we plan to focus more on orders mainly in the metropolitan area and major cities."

Meanwhile, Ssangyong Construction has secured projects worth about 40 trillion KRW nationwide in urban maintenance sales such as reconstruction, redevelopment, and remodeling, covering a total of 26 complexes and approximately 25,000 households.