[Asia Economy Reporter Hyungsoo Park] Beomyang Geonyeong is showing strong performance. The government's decision at the Cabinet meeting to approve the "Gadeokdo New Airport Construction Promotion Plan," which involves a project cost of 13.7 trillion won, appears to have influenced the stock price. According to the plan, Gadeokdo New Airport will be constructed by 100% offshore land reclamation for the runway. The opening is scheduled for 2035 (construction period of 9 years and 8 months), with a total project cost estimated at 13.7 trillion won. The project cost has nearly doubled compared to the 7.5 trillion won initially proposed by Busan City. The government expects that Gadeokdo New Airport will contribute to balanced national development and strengthening national competitiveness.
As of 9:39 AM on the 28th, Beomyang Geonyeong is trading at 6,580 won, up 10.96% from the previous day.
Beomyang Geonyeong, a construction company based in Busan, is engaged in civil engineering and architectural projects. Its subsidiaries operate in logistics warehouse leasing and modular housing manufacturing. Since its establishment in 1958, Beomyang Geonyeong has accumulated a track record in various fields including basic road widening and paving works, residential land development, naval bases, power ducts, thermal power plant civil engineering, and tunnels.
Since its founding in 1958, Beomyang Geonyeong has built a solid record in civil engineering projects such as basic road widening and paving, residential land development, naval bases, power ducts, thermal power plant civil engineering, and tunnels. Until the 1980s, it mainly undertook projects commissioned by the U.S. Forces Korea, with the Osan Air Base being a representative construction project.
The construction division is actively securing orders not only in traditional reconstruction markets like Choryang in Busan but also in private construction and corporate rental housing markets in areas such as Gaebong in Seoul and Cheonan in Chungnam. Since December 2015, it has also actively participated in corporate rental housing and turnkey and alternative bidding projects under the Special Act on Private Rental Housing.
The Gadeokdo New Airport access transportation network plan and the hinterland city concept proposed by Gyeongsangnam-do were included in the Ministry of Land, Infrastructure and Transport's final report on the preliminary feasibility study. Gyeongnam Province announced that the Ministry of Land, Infrastructure and Transport recently completed the preliminary feasibility study for the construction of Gadeokdo New Airport, and the province's proposed plans were incorporated.
The plan includes the Changwon area centered on a port logistics and machinery specialized complex, the Gimhae area focused on an advanced and integrated logistics city, and the Geoje area centered on marine leisure, tourism, recreation, and business, collectively called the "Air City" concept. Gyeongnam Province is currently working on revising the Gadeokdo New Airport Special Act to secure development land and expand financial support projects for establishing the Northeast Asia logistics hub hinterland city (Air City).
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