Prosper, Texas: A Magnet for Billionaires
Daewoo Engineering & Construction Moves Beyond Investor to Developer
Wonju Jung, Chairman of Daewoo Engineering & Construction, has personally taken the lead in North American real estate development. He recently visited Texas, USA, toured sites with a local developer, and signed a joint development agreement, marking the company's full-scale entry into the U.S. market.
On September 4, Daewoo Engineering & Construction announced, "Chairman Jung visited Dallas and Prosper, Texas, from the 1st to the 3rd (local time), where he toured the site of a mixed-use development project being promoted by Orion RE Capital." Orion RE Capital is a real estate development company founded by three Indian-American entrepreneurs and is pursuing a five-phase development project that includes townhouses, residential homes, hotels, and offices.
Daewoo Engineering & Construction will participate in the mixed-use development project in Prosper, starting with the supply of high-end residential units such as townhouses and single-family homes, and extending to hotels and offices.
Prosper Attracts Billionaires... Cooperation on Mixed-Use Development Including Hotels and Offices
Daewoo Engineering & Construction signed a business cooperation agreement for the Prosper development project with Orion RE Capital at the Prosper City Hall in Texas on the 2nd (local time). From left: Wonju Jung, Chairman of Daewoo Engineering & Construction; Seung Han, Head of Overseas Business Division at Daewoo Engineering & Construction; David Bristol, Mayor of Prosper; Prasanna Kumar, CEO of Orion RE Capital; and Yoohoon Jeon, CEO of Hangang Asset Management. Provided by Daewoo Engineering & Construction.
Prosper is considered an emerging affluent area where billionaires and sports stars reside. The median household income reaches $190,000 (approximately 260 million won) per year, and the region boasts some of the best public schools in the United States, backed by investments in educational facilities and a stable municipal budget. The average home price is also as high as $850,000 (about 1.18 billion won).
Daewoo Engineering & Construction has been eyeing participation in local development projects in this prime location, and during this visit, Chairman Jung personally took part in negotiations. On the 2nd, at Prosper City Hall, the company signed a joint development agreement (MOU) and a joint venture term sheet (JV Term-sheet) with Orion RE Capital and Hangang Asset Management.
From Financial Investor to Developer
Chairman Jung stated, "Daewoo Engineering & Construction has previously participated as a financial investor in about 20 development projects in the United States. Moving forward, together with the Jungheung Group, we will go beyond being a simple investor and participate as a true developer, showcasing the strength of K-Construction." The Mayor of Prosper also responded, "We welcome Daewoo Engineering & Construction's participation and will actively support the project in various aspects, including permits and approvals."
Daewoo Engineering & Construction has been preparing to expand into the North American market by establishing a branch in New York in 2023 and dispatching resident staff. The company aims to achieve stable growth by building a business model that combines investment and development, in addition to traditional construction contracting, in both the United States and Canada.
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