Daewoo E&C Achieves 1 Trillion KRW in Urban Renewal This Year... "Selective Bidding on Competitive Projects"

Daewoo E&C has surpassed 1 trillion KRW in contract amounts in the urban renewal project sector this year.

Cheongju Samo District 2 Master Plan Rendering

Daewoo E&C announced on the 30th that it has recently been selected as the construction company for the Cheongju Samo 2 District redevelopment project, achieving a cumulative contract amount of 1.1154 trillion KRW this year.

The Cheongju Samo 2 District Redevelopment Project Association held an extraordinary general meeting on the 21st to select the construction company and finally chose the Grand Project Group (Daewoo E&C holding 25%) as the main contractor. The Cheongju Samo 2 District project involves constructing 50 apartment buildings ranging from 4 basement floors to 29 above-ground floors, totaling 4,148 households, along with ancillary facilities. Daewoo E&C's contract amount is 280.1 billion KRW.

With this, Daewoo E&C has secured construction rights for a total of three projects in the urban renewal sector this year: ▲ Sinjeong 4 District reconstruction ▲ Guro Bogwang Apartment reconstruction ▲ Cheongju Samo 2 District redevelopment, achieving a total contract amount of 1.1154 trillion KRW.

Last year, Daewoo E&C exceeded 5 trillion KRW in contract amounts solely in urban renewal projects, setting a record for the highest annual contract amount. However, due to increased market uncertainties this year, the company is focusing on selective bidding for competitive projects. A Daewoo E&C official stated, “As construction costs and interest rates have risen excessively, expanding market risks, we are concentrating on selective bidding to strengthen quality rather than quantitative bidding to meet contract targets. We plan to focus on enhancing the quality of projects so that both the associations and contractors can achieve a win-win outcome.”

Meanwhile, Daewoo E&C is making efforts to secure additional contracts during the remaining period of this year. Regarding the Gongjak Apartment reconstruction project, which has emerged as the first reconstruction site in Yeouido, the company plans to participate in the second bidding on November 20th following the first solo bid. The project is designed by the world-renowned architect Jean-Michel Wilmotte, who also designed the Louvre Museum. Daewoo E&C aims to establish a foothold for further expansion into Yeouido through securing the Gongjak Apartment project. A Daewoo E&C official said, “If the second bid for the Gongjak Apartment reconstruction project fails, it will proceed through a private contract, and Daewoo E&C is expected to be selected as the construction company within this year.”