[2022 Asia Construction Awards] Ssangyong Engineering & Construction, Leader in Remodeling Sector... Consistently Ranked No.1 in Completion Performance

Asia Economy Grand Prize - Remodeling Category

[Asia Economy Reporter Hwang Seoyul] Ssangyong Construction, which received the Asia Economy Grand Prize in the remodeling sector this year, is leading the remodeling field. Ssangyong Construction, which launched the industry's first dedicated remodeling team in July 2000, has accumulated orders for 16 complexes, totaling about 15,000 households (approximately 3 trillion KRW).

In particular, it holds the top position in remodeling completion records by successfully carrying out Korea's first to fourth remodeling projects for entire complexes: ▲Ssangyong Yega Classic in Bangbae-dong, Seoul (completed in 2007) ▲Ssangyong Yega Classic in Dangsan-dong (2010) ▲Ssangyong Yega Classic in Dogok-dong (2011) ▲Ssangyong Yega Classic in Bamseom (2012).

Ssangyong Construction also demonstrates strengths in technology. It introduced new technologies such as Korea's first two-floor vertical extension, underground floor downward extension method connecting newly built underground parking elevators, one-floor pilotis construction for the entire complex, two-floor underground parking construction, and simultaneous execution methods for aboveground and underground floors.

Incheon 'Bugae Jugong 3 Complex' Remodeling Bird's-eye View / Photo by Ssangyong Construction

One of Ssangyong Construction's representative remodeling projects is the ‘Bugae Jugong 3 Complex’ in Bugae-dong, Bupyeong-gu, Incheon, which was selected as the final contractor at the remodeling general meeting in May this year. In this project, carried out in consortium with SK Ecoplant, Ssangyong Construction holds a 51% stake as the lead consortium member. Completed in 1996, this complex will be reborn through horizontal extension remodeling from the existing underground 1st floor to the 20th floor above ground, 19 buildings, 1,724 households to underground 4th floor to 20th floor above ground, 19 buildings, 1,982 households.

As the existing underground 1st-floor parking lot expands to the 3rd and 4th underground floors, the number of parking spaces will increase from 1,260 to 2,378. Various landscaping spaces such as a museum residence will be created above ground, and specialized community facilities for residents will be planned on the top floor. The exclusive area of each household will increase by about 30%, and the total construction cost will be 470.7 billion KRW.

Ssangyong Construction also secured large-scale remodeling projects last year as well as this year. In March last year, it formed a consortium with Hyundai Engineering and won the remodeling project for ‘Gwangmyeong Cheolsan Hanshin Apartment’ in Cheolsan-dong, Gwangmyeong-si, Gyeonggi Province. Completed in 1992, this complex is the largest among those approved for remodeling association establishment in the metropolitan area. The existing underground 1st floor to 25th floor, 12 buildings will be remodeled to underground 3rd floor to 26th floor, 12 buildings, and one 35-floor building will be newly constructed. Accordingly, the existing 1,568 households will increase to 1,803 households, and the additional 235 households will all be sold to the general public, which is expected to reduce the members' financial burden. Additionally, in May last year, the Ssangyong Construction consortium won the remodeling project for ‘Garak Ssangyong 1st Apartment’ located in Garak-dong, Songpa-gu, Seoul. With a total of 2,064 households and a construction cost of 800 billion KRW, this project is the largest and highest-value remodeling project in Korea's history.