[Asia Economy Reporter Jang Hyowon] Daewoo Shipbuilding & Marine Engineering Construction, a subsidiary of Korea Technology, a KOSDAQ-listed company, announced on the 1st that it has signed a construction contract worth 39.1 billion KRW for a new residential-commercial complex in Pyeongtaek, Gyeonggi-do.
The residential-commercial complex is located at 45-1 Pyeongtaek-dong, Pyeongtaek-si, Gyeonggi-do, and will be constructed on a site area of 1,446.70㎡ (437.63 pyeong) with a total floor area of 23,300.03㎡ (7,048.26 pyeong).
The floor area ratio and building coverage ratio are 1209.95% and 79.94%, respectively. The building will consist of one block with 5 basement floors and 24 above-ground floors, housing 99 residential units and neighborhood living facilities.
The neighborhood living facilities within this complex include medical clinics such as internal medicine, dentistry, and orthopedics, along with PC rooms, billiard halls, restaurants, and cafes, forming a "Sulse-gwon" (a term combining "slipper" and "zone" to indicate a trendy, comfortable living area). At the same time, it boasts an optimal transportation environment and strong demand from the surrounding area.
This complex is located just a 2-minute walk from Exit 1 of Pyeongtaek Station on Seoul Subway Line 1, making travel to Seoul and the metropolitan area convenient. When using the metropolitan high-speed railway, it is possible to reach Gangnam Suseo within 20 minutes.
In particular, with the opening of the Suwon-origin KTX scheduled for 2024, the future value of the Pyeongtaek area is expected to rise.
Additionally, several industrial complexes, including the Godeok General Industrial Complex where Samsung Electronics is located, are situated around the project site. The location offers easy commuting by car from newly established advanced industrial complexes in Pyeongtaek such as Godeok and Brain City, indicating abundant demand from the surrounding area.
A representative from Daewoo Shipbuilding & Marine Engineering Construction stated, “This residential-commercial complex boasts a perfect location and is expected to be very popular. We will carry out construction with the safety of both the builder and residents in mind.” He added, “Considering the new government’s real estate policies, we predict that achieving our order target of 2 trillion KRW this year will be smooth.”
He also said, “We are preparing for profit margin declines due to rising raw material costs and focusing on improving financial structure and restructuring business operations in response to merger issues. We aim to be the best company not only in orders and safety but also in profitability and finance.”
Furthermore, he explained, “We understand that shareholders of the parent company Korea Technology have high expectations for the merger of the two companies. Once the merger is finalized, there will be opportunities to disclose various construction orders and contracts to the market, which is expected to increase corporate value and significantly enhance corporate transparency.”
Meanwhile, Korea Technology, the parent company, stated at the regular shareholders’ meeting on the 31st of last month that in response to strong shareholder demands for the merger of the two companies, “We are tightly and sequentially proceeding with the physical procedures for the merger to meet shareholder demands,” and “We will promptly resolve the reasons for being a management item within the half-year.”
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