HUG Construction Fulfillment Guarantee... Project Resumes After 15 Months
77% Completion Rate... Expected to Finish by September Next Year
Jung Jinwook: "I Hope for a Safe Construction and a Landmark Complex"
On the afternoon of the 19th, members of the housing association are taking a commemorative photo at the ceremony celebrating the resumption of construction at the mixed-use residential complex construction site in Bongseon-dong, Nam-gu, Gwangju. Photo by Min Chanki
"It feels like a dream that the housing association project, which all members have been suffering over in silence, can finally move forward again."
On the afternoon of September 19, at the construction site of the new mixed-use residential complex by the Juwol-dong Regional Housing Association in Bongseon-dong, Nam-gu, Gwangju, a ceremony was held to mark the resumption of construction. The event was attended by approximately 40 people, including Assemblyman Jung Jinwook of the Democratic Party of Korea (representing Gwangju Dongnam-gap), Nam Ho-hyun, Chairman of Nam-gu Council, Hwang Kyungah, Nam-gu Council member, Ma Chanho, CEO of Namyang Construction, Joo Yongwook, head of the Juwol-dong Regional Housing Association, and members of the association.
The Juwol-dong Regional Housing Association’s new construction project, which began in 2021, was halted around June last year after the construction company filed for court receivership. The project, which was to consist of a mixed-use residential complex with 304 residential units and 93 commercial units, spanning from three basement levels to 36 floors above ground, was put on hold.
The project, which had been suspended for about one year and three months, was able to resume after the Housing and Urban Guarantee Corporation (HUG) signed an agreement to guarantee the fulfillment of construction. This is the first and only case in which HUG’s construction fulfillment guarantee method has been applied to a project like this. With construction resuming at a site that had stagnated at 77% completion, the project is now expected to be finished around September next year.
A banner reading "Thank you, Assemblyman Jung Jinwook, for making the resumption of the third phase of Bongseon Namyang Hewton possible" was hung on the fence around the construction site in the name of Namyang Construction and its partners. As the entrance to the site, which had been closed for a long time, was opened for the first time in a while, local residents gathered out of interest.
One member of the association, who came to the site after hearing the news of the resumption, was moved to tears as the event began, seemingly overwhelmed by the reality of the moment. Looking at the site, the member repeatedly said, "I'm so relieved," as if releasing all the pent-up emotions from the long ordeal.
Assemblyman Jung Jinwook stated, "I always pledged to be the lawmaker that residents think of in their most difficult times. Namyang Construction, which entered court receivership, the 74 partner companies, and all the members of the Juwol-dong Regional Housing Association must have been deeply distressed." He continued, "Believing in the saying 'Do your best and leave the rest to fate,' I met with and persuaded all stakeholders, and by securing HUG’s construction fulfillment guarantee, we were able to achieve this positive outcome of resuming construction."
He added, "This housing association project will become a precious home for the members. I hope the construction company and its partners will complete the project safely and create a landmark luxury apartment complex for the region."
Association head Joo Yongwook said, "The association endured difficult times to finally open the door to resuming construction. Without the cooperation of our members and the interest of Assemblyman Jung Jinwook, it would have been difficult to reach this point," adding, "I hope the construction company will complete the project without any safety accidents."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
