Cumulative Orders for Maintenance Projects This Year Total 3.838 Trillion Won
Daewoo E&C announced on the 31st that the Megacity Project Team (Daewoo E&C 50%, Hyundai Engineering & Construction 30%, DL E&C 20%) has been selected as the contractor for the 'Sujin 1 District Redevelopment Project' in Sujeong-gu, Seongnam City.
The Megacity Project Team, led by Daewoo E&C as the main contractor, was chosen as the final contractor at the general meeting of the 'Sujin 1 District Redevelopment Project' held on the 29th, where 1,901 out of a total of 2,645 landowners and others participated in the vote, with 1,583 votes in favor.
The Sujin 1 District Redevelopment Project is a large-scale redevelopment project implemented by the Korea Land and Housing Corporation (LH), constructing 5,668 apartment units and ancillary facilities in 57 apartment buildings ranging from 7 basement floors to 15 above-ground floors on a 261,828㎡ site. The total construction cost is 1.5585 trillion KRW, of which Daewoo E&C (with a 50% stake) secured 779.3 billion KRW, achieving a cumulative redevelopment project order amount of 3.838 trillion KRW this year.
Sujin 1 District has excellent accessibility to Seoul and had attracted interest from major construction companies even before the bidding. However, due to the recent sharp increase in construction costs, many companies did not participate in the bidding, resulting in several failed attempts before finally completing the contractor selection.
A Daewoo E&C official stated, "Although costs have risen sharply due to internal and external uncertainties, the construction cost was much lower than expected. After careful consideration until the final bid, we decided to participate because the project site has the conditions to become a landmark in the vicinity as a large-scale complex, and above all, we prioritized trust with the landowners and others."
Meanwhile, with this order, Daewoo E&C recorded a cumulative order amount of 3.838 trillion KRW this year. Considering the projects currently under bidding, it is expected to surpass last year's record high of 3.8992 trillion KRW. Currently, Daewoo E&C CEO Baek Jeong-wan is personally focusing on securing orders and is preparing for the contractor selection general meetings for the Hannam 2 District and Ansan Gojan Yeonrip 7 District, as well as reviewing participation in the bidding for the Gildong Samik Park Mansion reconstruction.
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