Daewoo E&C Surpasses 1 Trillion KRW in Civil Engineering Orders in January Alone

Won 3 Contracts Including GTX-B Private Sector Section
Minimizing Uncertainty by Increasing Orders in Non-Residential Sector

[Asia Economy Reporter Lim Onyu] Daewoo E&C announced on the 9th that it surpassed 1 trillion KRW in orders in the civil engineering sector last month. Amid growing uncertainties in the real estate market, the company plans to increase orders in the non-residential sector to build a stable portfolio.

Daewoo E&C succeeded in securing three consecutive orders on the 13th of last month.

First, the Daewoo E&C consortium was designated as the preferred negotiation partner for the Ministry of Land, Infrastructure and Transport’s private investment project section of the Seoul Metropolitan Area Express Train (GTX)-B line. Subsequently, it was selected as the top-ranked bidder in the basic design technical proposal evaluation for the Dongbu Expressway underground section 4 (public finance section) by the Seoul Metropolitan Government. The company also signed a contract for the Icheon Majang Logistics Complex site development project.

The GTX-B line is a mega infrastructure project estimated at 3.5 trillion KRW in contract value, and Daewoo E&C, as the lead consortium member, expects to secure orders worth approximately 770 billion KRW.

The GTX-B line private investment project involves constructing a total of 82.7 km of railway from Incheon National University Station in Incheon Metropolitan City to Maseok. The private investment project announced by the Ministry of Land, Infrastructure and Transport covers the construction and improvement of 62.8 km from Incheon National University Station to Seoul Yongsan and from Namyangju Byeollae to Maseok.

The approximately 19.9 km section from Seoul Yongsan Station to Sangbong within the project area is a publicly funded section that will be pursued in the future. Daewoo E&C evaluates that it has secured a favorable position for orders in the publicly funded section connected to the private investment section.

The Dongbu Expressway underground project section 4 (public finance section) also has a total construction cost of 363.9 billion KRW, with Daewoo E&C participating as the lead contractor and securing orders worth 162 billion KRW. Section 4 of the Dongbu Expressway underground project covers the area from the Yeongdong-daero Hakyeoul Station intersection to the southern end of Yeongdong Bridge in Seoul, involving tunnel construction, underground roadways, access facilities, and expansion of the aboveground section.

The Icheon Majang Logistics Complex site development project was commissioned by Deokpyeong SLC and involves site development for a logistics complex located in Icheon, Gyeonggi Province. The project includes developing a 298,401㎡ site and constructing a 1.0 km access road. Through this order, Daewoo E&C recorded 88.9 billion KRW in contract value.

Through these three project orders, Daewoo E&C recorded over 1 trillion KRW in orders in the civil engineering division in January alone.

Additionally, on February 3rd, the company secured an initial order worth 725.5 billion KRW for emergency repair work at the Kaduna oil refinery facility in Nigeria, recording nearly 2 trillion KRW in orders in the non-residential sector within just over a month.

A Daewoo E&C official stated, "We planned a civil engineering order target of 1.8 trillion KRW this year, but we have already achieved more than half of it in January alone," adding, "We are successfully adjusting a stable business portfolio through increased orders in domestic infrastructure and overseas markets."