Paradise Signs Construction Contract for 'J-PROJECT'
Total Contract Value of Approximately 390 Billion KRW, Equivalent to 4.69% of Annual Sales
Luxury Hotel with 5 Basement Floors, 18 Above-Ground Floors, and 200 Rooms to Be Built
DL E&C has secured the construction rights for a hotel development project in Jangchung-dong, Seoul, worth approximately 390 billion KRW. According to the Financial Supervisory Service's electronic disclosure system on the 10th, DL E&C signed a contract for the 'J-PROJECT Jangchung-dong Hotel Development Project' commissioned by Paradise. The contract amount is 389.951 billion KRW. This corresponds to about 4.69% of DL E&C's consolidated sales for 2024.
This project involves constructing a high-end hotel (200 rooms) with 5 basement floors and 18 above-ground floors on 24 plots of land, approximately 13,950㎡ in Jangchung-dong 2-ga, Jung-gu, Seoul (the former Paradise Welfare Foundation site). It is also the first hotel brand that Paradise Group is launching in Seoul, following 'Paradise Hotel Busan' and 'Incheon Paradise City'.
This project has been a long-cherished goal of Paradise Group. Although they received a construction permit for a tourist accommodation facility from Jung-gu Office in 2016, the progress was delayed for several years due to external factors such as the THAAD crisis and COVID-19. Since the construction commencement report in 2018, the project has been virtually halted except for some demolition work.
Earlier this year, Paradise terminated the contract with the previous contractor, SK Ecoplant, and began reselecting a construction company. Major construction companies including DL E&C, POSCO E&C, and Samsung C&T were considered candidates, but DL E&C was ultimately selected. DL E&C is known to have been evaluated as having both technical expertise and price competitiveness based on its experience constructing luxury hotels such as 'Four Seasons Hotel Seoul' and 'Glad Yeouido'.
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