GS E&C (Xi S&D) announced on July 17 that it has signed a construction contract with Goeun Construction to build an apartment complex with 773 units in Sangju, North Gyeongsang Province.
The contract value is 239.8 billion KRW, making it the largest project ever awarded to GS E&C (Xi S&D) since its founding. This amount accounts for 10.1% of the company’s sales in the previous year. Earlier this year, the company also secured the Gimnyangjang-dong street housing redevelopment project in Yongin City (worth 103.9 billion KRW) and the Euljiro 3-1·2 District office facility project (worth 204.9 billion KRW).
The project site will feature six apartment buildings ranging from two basement levels to 29 above-ground floors. Construction is scheduled to begin in March 2026, with completion planned for March 2029.
This project is a large-scale development located in a joint living area connecting Sangju and Mungyeong. It is expected to address the real demand for housing in the region, where there is currently a shortage of new apartment supply. GS E&C (Xi S&D) also aims to improve residential infrastructure and expand its brand value in small and medium-sized cities through this project. The complex will mainly consist of medium to large-sized units.
In addition, the site offers excellent access to major cities in the central region such as Chungju, Cheongju, and Gimcheon via the Jungbu Inland Expressway and the Seosan-Yeongdeok Expressway. Within a 3-kilometer radius, KTX Jeomchon Station is under development with a target opening in 2032, and the nearby Jeomchonhamchang IC provides easy entry to the Jungbu Inland Expressway.
The area is also home to two elementary schools, one middle school, and two high schools, as well as a concentration of large supermarkets, hospitals, and other infrastructure.
A GS E&C (Xi S&D) representative stated, "We believe this contract is the result of thoroughly analyzing supply and demand conditions and current market prices in the local housing market, which has received relatively little attention compared to Seoul and the capital region, and successfully identifying a high-potential project site. We also expect it to contribute to revitalizing the currently stagnant housing market and boosting the local economy."
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