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SsangYong E&C won the contract for reconstruction of Deungchon Section 1
2015-10-19
[Image view of the project]SsangYong E&C won the reconstruction business contract which is the very first award after it had completed the rehabilitation process early this year. According to its report on 29th, SsangYongE&Cis the sole contractor for the residential redevelopment project that is located at Deungchon section1, 366-24 Deungchon-dong, Gangseo-gu, Seoul, Korea. The expected cost of construction is about KRW 90bn and the construction includes building 9 apartments with 15 stories and 2 underground and 1 villawhichtotal 518 units. It is expected to be completed in the second half of 2020. It has been 3 years since SsangYong E&C won a reconstruction business contract since WonjuDangyaeJugongApts in 2012. SsangYong plans to seriously get down to the domestic housing market starting this year, as it has overcome many obstacles originated from dampened real estate market and lack of credit guarantee during its rehabilitation process. SsangYong E&C has improved its credibility as it closed the M&A deal with ICD (Investment Corporation of Dubai) with an asset of KRW 217trillionafter it had completed its rehabilitation process. Early this year, Ssangyong E&C regained its best credit rating required for participating in government projects in Singapore. In July, it has made the agreement with UOB, the largest private bank in Singapore, for bond facility with the best credit rating.In addition to positive reaction in the global market, SsangYongE&C has received A- on corporate credit rating required for participating in government projects in Korea. Securities approved by Korea Housing & Urban Guarantee Cooperation, Construction Guarantee, and Engineering Financial Cooperative have been made. Han-Jong Kim, the executive director of domestic businesses at SsangYong E&C, stated, “Based on construction ability and stable financial state after M&A, SsangYongE&C will re-enter the domestic housing market starting with reconstruction business contracts in Seoul andother major cities.”[Ino Kim] [ⓒMaeil Business Newspaper& mk.co.kr]