Doosan Construction Signs Joint Business Agreement with LH for Banghak Station and Ssangmun Station Urban Complex Projects

Doosan Construction Participates in Seoul's First and Second Urban Complex Projects
Extensive Experience in Station Area Projects... 'We've the Zenith' Brand Applied

Doosan Construction announced on June 18 that it has signed a joint business agreement with Korea Land and Housing Corporation (LH) for the Banghak Station Urban Complex Project and the Ssangmun Station East Side Urban Complex Project in Dobong-gu, Seoul.

Doosan Construction signed a joint business agreement with Korea Land and Housing Corporation (LH) for the Seoul urban public housing complex project on the 17th. Kim Hongjae, Head of Architecture Business Division at Doosan Construction (left), and Park Hyungeun, Head of Seoul Regional Headquarters at LH (right), are signing the agreement. Provided by Doosan Construction

The two companies held the signing ceremony at the LH Seoul Regional Headquarters in Gangnam-gu, Seoul. The ceremony was attended by Kim Hongjae, Head of Architecture Business Division at Doosan Construction, Park Hyungeun, Head of Seoul Regional Headquarters at LH, and other officials from both companies.

The urban complex project is a public-led urban regeneration initiative that creates mixed-use complexes combining residential and commercial functions in aging urban areas. Its key features include expanding the supply of public housing, revitalizing the local economy, and ensuring project stability and expedited permitting procedures through public sector leadership.

Although the urban complex project has been promoted since 2021, project delays have occurred in recent years due to a sharp rise in construction costs. Doosan Construction leveraged its extensive experience in urban station area projects and conducted a thorough business feasibility analysis. The company proposed its premium residential brand, ‘We’ve the Zenith,’ and successfully secured the project.

The ‘Banghak Station Urban Complex Project,’ the first urban complex project site in Seoul, was the earliest among candidate sites to select a construction company. At the residents’ representative meeting held on January 23, Doosan Construction was chosen as the project participant (contractor) with overwhelming support. The development will include a total of 420 residential units in a building with five basement levels and 39 above-ground floors, as well as neighborhood living facilities and ancillary welfare facilities. The construction cost is approximately KRW 184.5 billion (including VAT).

Perspective view of the Ssangmun Station East Side Urban Complex Project. Provided by Doosan Construction

The ‘Ssangmun Station East Side Urban Complex Project,’ the second project site in Seoul, will feature a distinctive exterior with a sky bridge. Doosan Construction received high praise from the residents’ representative meeting for its proposal to introduce premium community facilities, including flexible space design, a sky lounge, and a care center. This project will consist of 639 residential units in a building with four basement levels and 38 above-ground floors, with an estimated construction cost of approximately KRW 254.7 billion (including VAT).

With the completion of the agreement with LH, Doosan Construction plans to proceed with the relocation and groundbreaking procedures in earnest. Meanwhile, in March, Doosan Construction also received the first-ever project implementation approval for a public redevelopment project with the ‘Sinseol 1 District Public Redevelopment Project,’ the first public redevelopment project in Seoul. Doosan Construction plans to further strengthen its competitiveness in future public projects as well.

Doosan Construction stated, “We expect the areas around Banghak Station and the east side of Ssangmun Station to be transformed into urban residential complexes with pleasant environments, bringing new vitality to the local community. As a leading company in Seoul’s urban complex and public redevelopment projects, we will continue to actively expand our business within Seoul’s urban core.”