CJ Logistics Construction Division Wins Contract for 'Myeongdong Station District 1 Redevelopment' Project

Basement 8 Floors to 24 Floors Above Ground, Completion Scheduled for September 2028

The construction division of CJ Logistics announced on the 30th that it has won the contract for the construction of office facilities as part of the Myeongdong District 1 Urban Maintenance-type Redevelopment Project, which involves rebuilding the Yuanta Securities Building near Euljiro.

Perspective view of Myeongdong Station District 1 Urban Maintenance-Type Redevelopment Project (Photo by CJ Logistics Construction Division)

The Myeongdong District 1 office new construction project will be built near Euljiro Entrance Station in Myeongdong, Jung-gu, Seoul, with a total floor area of 45,230㎡, consisting of 8 basement floors and 24 above-ground floors. Capstone Asset Management is in charge of the development project operation. The contract amount for the construction is in the range of 140 billion KRW.

The construction division of CJ Logistics has extensive experience in numerous urban construction projects. They proposed a top-down construction method to replace the original design by the client, shortening the construction period. The top-down method in urban construction requires extensive experience and technical expertise.

Since 2018, CJ Logistics' construction division has completed more than 10 projects in the Seoul metropolitan area, including the Haesung Industrial Complex Facility near Namdaemun, which is 6 basement floors and 20 above-ground floors, and Center Point Myeongdong near Euljiro Entrance Station in 2022.

Min Young-hak, CEO of CJ Logistics Construction Division, stated, "Despite the tightening PF market caused by the prolonged real estate downturn in recent years, we won this project by being recognized by the client for our high credit rating of AA- and extensive experience and technical skills in urban construction. Based on our experience of constructing more than 20 diverse office and complex facilities mainly within the Four Great Gates area and Gangnam Station area, we will repay with perfect construction at this site as well."

CJ Logistics Construction Division ranked 44th in this year's construction capability evaluation and focuses on general architecture fields such as office facilities, logistics facilities, industrial facilities, research facilities, hotels, and remodeling. They are currently constructing the Myeongdong District 1 office reconstruction project as well as the Hanwha Systems Gumi Plant.