A total of 351,000 square meters to be developed
including 3,867 apartment units and neighborhood living facilities
The long-stalled 'Soje District Residential Environment Improvement Project,' which residents have been waiting for over 20 years, is finally moving forward in earnest.
Daejeon City announced that, following the public tender for private contractors for the Soje District Residential Environment Improvement Project in Dong-gu, it signed an agreement with the consortium led by Gyeryong Construction Industry on December 24.
This agreement is significant because it overcomes the repeated obstacles that have hindered the project’s progress. By integrating construction sections and adjusting costs to reflect current realities, Korea Land and Housing Corporation (LH) has improved the project's viability, paving the way for the project to enter full-scale implementation and offering long-awaited relief to local residents who have endured two decades of delays.
The Soje District Residential Environment Improvement Project is a large-scale redevelopment initiative that will create 3,867 apartment units, as well as neighborhood living facilities and infrastructure, on a total area of 351,000 square meters. Since the area was designated for redevelopment in 2006, the project has faced multiple delays due to profitability issues. However, recent improvements to the tender conditions and the introduction of integrated construction packages have laid the groundwork for a renewed push forward.
The Gyeryong Construction Industry consortium, which signed the agreement, consists of eight companies, including DL E&C, Jungheung, Geukdong, and Kumho Construction, with Gyeryong Construction Industry at its core, ensuring comprehensive project execution capabilities.
The consortium plans to focus on design, construction, and financing, as well as job creation to boost the local economy and the development of high-quality residential environments.
A Daejeon City official stated, "We are very pleased that we have established the foundation to resolve a long-standing project in the original city center of Dong-gu. This is a core project that will play a key role in balanced urban development and improving residential welfare. Once the project is fully underway, it is expected to greatly contribute to revitalizing the local economy and improving residents' living environments."
Meanwhile, the area surrounding Soje District is expected to develop into a premium residential complex and an innovative urban space integrating commercial, cultural, and business functions, in connection with the Daejeon Station area mixed-use development and urban regeneration projects.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
