Daewoo E&C Expands Footprint to Data Centers... Groundbreaking Ceremony for Yangjaedong GDC

Daewoo E&C announced on the 9th that it held a groundbreaking ceremony for the ‘GDC & Office’ project on the 8th in Yangjae-dong, Seocho-gu, Seoul. The GDC project involves the construction of one data center building from basement level 3 to the 9th floor above ground, one office building from basement level 3 to the 9th floor, and another office building from basement level 3 to the 5th floor, with a total project cost of 318 billion KRW. Empirion DC will become the owner and operator of the data center in the future.

At the groundbreaking ceremony for 'GDC & Office' held on the 8th in Yangjae-dong, Seocho-gu, Jeong Won-ju, Chairman of Daewoo Construction (5th from the left), Eric Teo, Ambassador of Singapore to Korea (7th from the left), and Jeon Seong-su, Mayor of Seocho-gu (8th from the left), are shoveling dirt at the ceremony.

The groundbreaking ceremony was attended by about 100 people, including Daewoo E&C Chairman Jeong Won-ju, Eric Teo, the Singaporean Ambassador to Korea, Jeon Seong-su, the Mayor of Seocho-gu, Seoul city officials, and representatives from the client side.

In his commemorative speech, Daewoo E&C Chairman Jeong Won-ju said, “The GDC will be the only data center established in the Gangnam area, where there has been no supply of large-scale data centers,” and added, “Daewoo E&C will devote all its efforts to successfully completing the GDC project so that it can become a landmark for global-standard data centers.”

From the construction industry’s perspective, data centers are a new growth business expected to achieve double-digit annual growth as a core infrastructure of the Fourth Industrial Revolution. Recently, investments in data centers have surged, mainly by asset management companies and developers. Daewoo E&C is currently promoting additional data center projects in the Yongin area of Gyeonggi Province, with the GDC project, which has just begun construction, leading the way.

A Daewoo E&C official stated, “We will continue to expand stable profitability by maintaining a balanced business portfolio rather than focusing solely on the housing sector,” and added, “In the overseas business sector, where we have already achieved our order targets, we expect additional orders centered on key countries, and we will also actively pursue public construction projects such as domestic SOC projects.”