GS Construction Surpasses 6 Trillion Won in Urban Renewal Project Orders This Year

Nearly 3 Trillion Won in Seoul Alone... Industry's Highest Record

Perspective view of the Seongnam Sinheung 1 District Redevelopment Project proposed by the GS Construction consortium (Provided by GS Construction)

[Asia Economy Reporter Kim Hyemin] GS Engineering & Construction's orders for urban maintenance projects such as redevelopment and reconstruction have exceeded 6 trillion won this year. In particular, it recorded nearly 3 trillion won in orders in Seoul, where project stability is relatively high.

GS Engineering & Construction announced on the 23rd that it secured 15 urban maintenance projects this year, totaling 6.3492 trillion won in orders.

By type, there were 6 reconstruction projects, 7 redevelopment projects, and 2 remodeling projects. By region, orders were centered in major cities such as Seoul, Gyeonggi, Busan, Daejeon, and Daegu. In Seoul alone, it recorded 2.9835 trillion won, accounting for about 47% of the total orders. This was followed by Gyeonggi (1.4203 trillion won), Busan (909.7 billion won), Daejeon (472.8 billion won), and Daegu (355.3 billion won).

In particular, the order performance in Seoul is the highest record in the industry. GS Engineering & Construction secured 8 urban maintenance projects this year, including ▲Ichon Hangang Mansion ▲Bulgwang 5 District ▲Singil 13 District ▲Ilwon Gaepo Hanshin ▲Banghwa 5 District ▲Ichon Hangaram ▲Mokdong Woosung ▲Junggye Bon-dong Baeksamaeul.

Meanwhile, there is also a possibility of additional orders such as the reconstruction of Chungju Gyohyeon Jugong Apartment and the reconstruction of Garak Sang-A 1st in Songpa-gu, Seoul, making it highly likely to exceed 7 trillion won this year.

A GS Engineering & Construction official said, "This year's urban maintenance project orders are meaningful in that they have expanded in various forms, including not only union projects but also projects ordered by Korea Land & Housing Corporation (LH) and Seoul Housing & Communities Corporation (SH)." He added, "We will continue to uphold our status as a leader in urban maintenance projects by leading with Xi, the nation's top apartment brand."