Daewoo E&C Goes All Out to Enter North American Real Estate Development Market... Visits New York and Toronto

Daewoo E&C is making every effort to enter the North American real estate development market, backed by the active support of Jeong Won-ju, vice chairman of the major shareholder, Jungheung Group.

Jung Won-joo, Vice Chairman of Joongheung Group (third from the left), is discussing business promotion plans for the Toronto area in Canada with Sam Mizrahi, Chairman of Mizrahi Developments (fourth from the left).
[Photo by Daewoo Construction]

According to a Daewoo E&C official, Vice Chairman Jeong Won-ju visited Toronto, Canada, and New York, USA, from the 27th of last month to the 3rd of this month with the Daewoo E&C overseas business team to check the status of the local real estate development market and exchanged opinions on various projects with executives of major local developers.

In Canada, Sam Mizrahi, president of Mizrahi Development, a major local developer, participated and shared the progress of various projects, including a condominium project being promoted in the Greater Toronto Area. In addition, they discussed several ways in which Daewoo E&C could participate in investment and construction for the project.

Furthermore, Vice Chairman Jeong Won-ju and the Daewoo E&C team visited major development sites in downtown Toronto and surrounding areas and held meetings with clients to conduct market research for local business entry. The Greater Toronto Area in Canada is known as a region chronically short of housing supply due to steady demand from an average annual influx of more than 150,000 new immigrants.

After visiting Canada, Vice Chairman Jeong and his party moved to New York State, USA, where they held consultations with several local developers, including The Related Group, one of the largest developers in the US, to promote development projects. They also visited the local branch of Aegis Asset Management, a leading domestic alternative investment manager actively conducting business in the US, to explore collaboration plans for US development projects.

In this regard, Daewoo E&C established a local corporation last year to promote real estate development projects in the US and is preparing for full-scale entry into the US market. On the 25th of last month, they signed an MOU with Aegis Asset Management to strengthen cooperation in overseas real estate development projects, including the US.

Daewoo E&C stated that this visit to the North American real estate market is a continuation of the advanced real estate market entry strategy actively pursued by Vice Chairman Jeong Won-ju to diversify the overseas business portfolio since Daewoo E&C joined Jungheung Group last year. In fact, in May last year, Vice Chairman Jeong and the Daewoo E&C team visited Texas and New Jersey in the US, officially announcing their re-entry into the US real estate development market through meetings and cooperation discussions with local government officials and real estate developers.

A Daewoo E&C official said, “Since joining the group, Vice Chairman Jeong Won-ju has been working hard on the ground to pioneer new markets and create new business opportunities,” adding, “Daewoo E&C will enter advanced real estate development markets such as the US and Canada and use this as a continuous growth engine amid uncertain global market conditions in the future.”