POSCO E&C Wins Noryangjin 1 District Redevelopment Project with 1 Trillion KRW Budget

POSCO E&C has been selected as the construction company for the redevelopment project of Noryangjin 1 District in Dongjak-gu, Seoul.

Noryangjin District 1 OTIER Dongjak Bird's-eye View / Image Courtesy of POSCO E&C

On the 27th, POSCO E&C was chosen as the construction company at the general meeting for the Noryangjin 1 District redevelopment project held at the Seoul Women’s Plaza in Daebang-dong, Dongjak-gu, with 90% of the union members’ approval (600 attendees, 538 votes). With this, POSCO E&C achieved a contract amount of 3.4 trillion KRW for urban maintenance projects this year, setting an industry-leading record.

The Noryangjin 1 District redevelopment project involves developing approximately 40,000 pyeong of land at 278-4 Noryangjin-dong into 2,992 apartment units, about 6,800 pyeong of commercial space, and ancillary welfare facilities. The total construction cost is 1.0927 trillion KRW. Among the eight districts in Noryangjin, Noryangjin 1 District is the largest and offers views of the Han River. It is also located in a triple station area with Noryangjin Station on Line 1 and Line 9, and Jangseungbaegi Station on Line 7.

POSCO E&C will apply its high-end brand "Otier" to Noryangjin 1 District. Residents will enjoy Otier’s differentiated design and over 40 types of imported premium finishing materials. Additionally, POSCO E&C proposed fixed construction costs, a priority one-year repayment of 820 billion KRW in project loans, and a golden time sales system as project conditions. These focus on maximizing union members’ benefits and ensuring swift and stable project progress, which received overwhelming support from the Noryangjin 1 District union members, according to POSCO E&C.

A POSCO E&C representative stated, "We will present the finest high-end residential complex befitting the core area of Gangnam in Noryangjin 1 District. Starting from Noryangjin, we will plant the Otier flag in key areas such as Banpo, Gaepo, Hannam, Seongsu, and Apgujeong to establish it as Korea’s leading premium residential brand."