Kolon Global Wins 365 Billion Won Busan Eomgung-dong Redevelopment Contract... Cumulative Total Surpasses 10 Trillion Won

Signing Contracts for Andong Reconstruction Maintenance Project and Busan Eomgung 1 District Housing Redevelopment Maintenance Project
Expected to Exceed 3.1 Trillion Won in Orders This Year...Cumulative Backlog Also Surpasses 10 Trillion Won

Perspective view of the Busan Eomgung 1 District Housing Redevelopment Project.

[Asia Economy Reporter Jo Gang-wook] Kolon Global is expected to record the highest-ever annual new order backlog due to consecutive contract signings.

Kolon Global announced on the 27th that it has signed a contract to secure the Busan Eomgung 1 District Housing Redevelopment Project (total floor area of 79,864 pyeong).

This project is a housing redevelopment project to build 1,777 apartment units in 13 buildings ranging from 5 basement floors to 35 above-ground floors on a site of 20,323 pyeong at 412 Eomgung-dong, Sasang-gu, Busan Metropolitan City. The project is valued at 365 billion KRW, with 502 units for union members, 100 rental units, and 1,175 units for general sale.

Eomgung 1 District is located in the central living area of the western region of Busan. It is evaluated to have high investment value due to excellent environmental infrastructure, educational conditions, and development benefits such as the Busan-Jinhae Free Economic Zone and the Gimhae New Airport Expressway.

In addition, Kolon Global is rapidly increasing its order backlog by signing a contract worth 157.9 billion KRW for the Andong Reconstruction Maintenance Project on the 22nd.

Following a record-high order backlog of 2.7 trillion KRW last year, Kolon Global is expected to surpass this again this year and exceed the target level of 3.1 trillion KRW. The total order backlog has also surpassed 10 trillion KRW.

A Kolon Construction official said, "We are honored to enter the western region of Busan, which has many development benefits such as the Busan-Jinhae Free Economic Zone and the Gimhae New Airport Expressway," adding, "We will repay the trust of union members by constructing landmark apartments with sincere construction."