Daewoo E&C Selected as Contractor for Paju 1-3 District Redevelopment... 570 Billion KRW Project

Perspective view of Paju 1-3 District Redevelopment Area

Daewoo E&C announced on the 5th that it has been selected as the construction company for the 'Paju 1-3 District Housing Redevelopment Project' taking place at 313-3 Yeonpung-ri, Paju-eup, Paju-si, Gyeonggi-do. The construction amount is 578.3 billion KRW, making it the largest-scale redevelopment project selected for construction by Daewoo E&C this year.

The Paju 1-3 District redevelopment project involves building a total of 3,278 households on a site of 190,146㎡, including 37 apartment buildings ranging from three basement floors to 25 above-ground floors, commercial facilities, and auxiliary welfare facilities. Of the total households, 441 units are allocated to union members and 210 units for rental, with 2,627 units planned for general sale. The units will mainly consist of small to medium-sized apartments (based on exclusive area of 39~84㎡), which are popular among actual residents.

Daewoo E&C proposed the complex name for Paju 1-3 District as 'Paju Prugio Serenus,' meaning 'bright tomorrow and shining life.' Serenus is Latin for 'shining.'

The Paju 1-3 District is located in the central-eastern part of Paju-si, and it is expected that the opening of the currently under-construction Capital Region 2nd Ring Expressway Beopwon IC will improve metropolitan transportation convenience.

A Daewoo E&C official said, "The success of a redevelopment project depends on the speed of progress," adding, "We will do our best to ensure a successful project in cooperation with the trust company."

Meanwhile, Daewoo E&C has secured orders worth 2.7421 trillion KRW from a total of 10 projects in redevelopment this year, including Paju 1-3 District. This is currently the highest cumulative order amount in the construction industry's redevelopment sector this year. Daewoo E&C is also bidding on four projects including Noryangjin 5 District, Bulgwang 1 District, Gwacheon Jugong 5 Complex, and Wonju Wondong Jugong, and is expected to easily achieve the '3 trillion club' in redevelopment orders this year.