Daewoo E&C to Promote Redevelopment of Seongsu Zone 4 by Maximizing Its Unique Identity

Daewoo Engineering & Construction announced on January 9 that it has decided to participate in the bidding for the construction contract of the redevelopment project in Seongsu Strategic Maintenance District Zone 4 in Seoul.

The Seongsu Zone 4 redevelopment project involves building apartments and other facilities with a total of 1,439 units in the area of 219-4, Seongsu 2-ga 1-dong, Seongdong-gu, Seoul, with structures ranging from six basement floors to 65 above-ground floors. The total construction cost amounts to 1.4 trillion won. As the site is located along the Han River and similar maintenance projects are being promoted in adjacent areas around the same time, the industry expects this district to become one of the leading residential complexes in central Seoul. Competition for the construction contract is fierce. Daewoo Engineering & Construction attended the project briefing session and completed a preliminary review to participate in this bid.

The company stated that it is developing its business plan with a focus on Seongsu's high potential as a hub representing K-culture, which leads domestic and international trends. The company also considered how world-renowned affluent neighborhoods such as Manhattan and Beverly Hills have created irreplaceable value based on their unique regional identities.

A panoramic view of Seongsu Strategic Maintenance District Zone 4. Provided by Daewoo E&C

A Daewoo Engineering & Construction official said, "While competitors have prepared strategies that compare or imitate areas like Apgujeong and Banpo, aiming to be 'like Gangnam' or 'surpassing Gangnam,' we plan to maximize the urban context and Seongsu's identity to establish the unique value of 'the one and only Seongsu in the world.' Based on this, we will present the essence of premium residential culture."

Daewoo Engineering & Construction has decided to apply its premium residential brand, Summit, to this project. The company has already secured construction rights in major redevelopment sites such as Seocho, Gangnam, Hannam New Town, and Yeouido, and plans to implement this brand there as well. Last year, 11 years after its initial launch, the brand underwent a comprehensive overhaul, including its philosophy, design system, and quality standards. The company also built Hannam The Hill, which is recognized as one of the most luxurious residential complexes in Korea.

Kim Bohyun, CEO of Daewoo Engineering & Construction, said, "We have maintained our No. 1 position in Korea's housing sector based on our unrivaled construction capabilities accumulated over 53 years of dedication to the industry. We will focus our capabilities on presenting a residential masterpiece that embodies the symbolism and future value of Seongsu Zone 4."