[2021 Apartment Brand Awards] Ssangyong Construction, Unmatched Remodeling Technology Expertise

Remodeling Sector, Ssangyong Construction

Ssangyong Construction BI.

[Asia Economy Reporter Kim Hyemin] Ssangyong Engineering & Construction, which won the grand prize in the remodeling sector this year, is solidifying its No. 1 position by maintaining a super-gap through consecutive large-scale remodeling project wins under the ‘The Platinum’ brand.

Since launching the industry’s first dedicated remodeling team in July 2000, Ssangyong E&C has secured a total of 15 complexes, approximately 13,000 households, based on its outstanding technological capabilities. The cumulative order amount reaches about 2.5 trillion KRW. Including the achievement of remodeling an entire apartment complex for the first time, it has maintained the top spot in completion performance. This is the result of focusing on this sector anticipating the expansion of the remodeling market amid strengthened government regulations on redevelopment and reconstruction.

They also introduced new technologies in the remodeling business field. They vertically added two floors for the first time in Korea and introduced a method of downward extension of underground floors by newly constructing an underground parking lot connected by elevators. They also implemented seismic design using vibration absorption devices (dampers) that can withstand seismic intensity up to 7. In 1991, despite the absence of blueprints, they perfectly renovated and extended the Raffles Hotel, a national treasure-level hotel in Singapore, earning recognition for their technology overseas.

This year, their order wins have gained momentum. In March, they formed a consortium with Hyundai Engineering & Construction and won the remodeling project for Gwangmyeong Cheolsan Hanshin Apartments, located at 367 Cheolsan-dong, Gwangmyeong-si, Gyeonggi-do, consisting of 1,568 households. This month, they formed a consortium with POSCO Engineering & Construction, Hyundai Engineering & Construction, and Daewoo Engineering & Construction to win the remodeling project for Garak Ssangyong 1st Complex in Songpa-gu, Seoul, with a construction cost of 800 billion KRW. Combined, they achieved about 1.26 trillion KRW in remodeling sector performance in the first half of this year.

Previously won projects are also progressing smoothly. In the first half of this year, they plan to promote the sale of 29 general households in line with the groundbreaking of Ogeum Anam Apartments in Songpa-gu. This is the first remodeling project in Korea to receive guarantee approval from the Housing & Urban Guarantee Corporation (HUG). Recently, the remodeling project for Hansol Village 5 Complex in Jeongja-dong, Bundang-gu, Gyeonggi-do, co-constructed with POSCO E&C, received project plan approval from Seongnam City and gained momentum.

A Ssangyong E&C official said, "Remodeling construction is significantly more difficult than new construction, making it a challenging field for inexperienced contractors to enter," adding, "To maintain our super-gap No. 1 position, we plan to strengthen remodeling orders for apartments in large complexes and areas with good locations such as Seoul and the metropolitan area near subway stations, as well as enhance the development of new construction methods and the training of dedicated engineers."