POSCO E&C Wins Construction Contract for Busan's Largest Redevelopment Project 'Chokjin 2-1 District'

First Local Proposal of the 'Otier' Brand

POSCO E&C has secured the construction rights for the Chokjin 2-1 District around Busanjin-gu Citizen Park, considered the largest redevelopment project in Busan.

Busanjin-gu, Busan, Chokjin 2-1 District Otiers Perspective / Image provided by POSCO E&C

On the 27th, at the general meeting of union members for selecting the construction company, POSCO E&C received 171 votes (58%) out of 297 attending members, surpassing Samsung C&T, which received 124 votes (41%). There were 2 abstentions and invalid votes (1%).

The Chokjin 2-1 District redevelopment project covers 136,727㎡ in Beomjeon-dong, Busanjin-gu, and involves constructing 1,902 apartment units ranging from 5 basement floors to 69 above-ground floors, 99 officetel units, and retail facilities. The site, located in the heart of Busan, was formerly used as a U.S. military base (Camp Hayaria) before being returned to Busan City in 2010.

POSCO E&C proposed the region's first high-end brand, 'Otier,' for this project. Premium finishing materials include German luxury VEKA windows, Villeroy & Boch faucets, and sanitary ware. Kitchen furniture and hardwood flooring will use Italian luxury brands Denovo Cucine and Listone Giordano, respectively.

The financial terms were also offered in a groundbreaking manner. The union plans to lend all project expenses interest-free following the general meeting's approval and support 124 billion KRW (400 million KRW per household) as project promotion funds. The bid price for construction costs was 8.91 million KRW per 3.3㎡.

A POSCO E&C representative said, "Thanks to the union members who recognized our sincere proposal to enhance project profitability amid fierce competition, we were selected as the construction company. We will combine all the company’s resources and capabilities to transform Chokjin 2-1 District into Busan’s premier luxury residential complex, ensuring top quality."