Perspective view of the Garojutaek maintenance project at Oncheon-dong, Dongnae-gu, Busan. (Provided by Ssangyong Construction)
[Asia Economy Reporter Kim Hyemin] Ssangyong Construction announced on the 24th that it has won the contract for the Gongjak Mansion street housing maintenance project in Oncheon-dong, Dongnae-gu, Busan.
On the 21st, Ssangyong Construction was selected as the construction company at the general meeting for the Gongjak Mansion street housing maintenance project located at 1376-5 Oncheon-dong, Dongnae-gu, Busan. The construction cost is approximately 51.6 billion KRW.
As a result, Gongjak Mansion will be transformed into 'The Platinum,' a residential-commercial complex apartment with 2 buildings, 3 basement floors to 27 above-ground floors, totaling 175 households. Construction is scheduled to begin in March 2024, with 118 units available for general sale excluding those for association members.
Notably, this site is adjacent to the Oncheon 2nd Public Street Housing Maintenance Project, which Ssangyong Construction won in September last year, separated by a 6-meter road. Ssangyong Construction plans to harmoniously integrate the two complexes into a medium-sized complex consisting of 5 buildings and 440 households in total.
Since May last year, Ssangyong Construction has secured a total of four maintenance projects in Busan alone over about a year. A Ssangyong Construction official said, "Our two-track strategy of winning large-scale remodeling projects mainly in the metropolitan area and major cities, along with small-scale urban maintenance projects, is showing results," adding, "We will actively seek small-scale reconstruction projects in Seoul, Busan, Daejeon, and other areas in the future."
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