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'Milyang Ssangyong Yega The First&rsquo Sells 100% of its Units, Signaling the Firm Leap Forward
The Firm Competitiveness in Remodeling Projects Expected to Drive Great Gains in the New Deal Market

[Bo Bae Kim, Maeil Daily] Ssangyong E&C is regaining its prominence in the construction market, focusing on housing projects thanks to its unique advantages. After graduating from the court administration in 2015, the firm is rapidly moving into the normalization of management and speeding up its return to prominence as a construction powerhouse.
On March 13, according to industry sources, Ssangyong E&C successfully completed the residential sales of 'Milyang Ssangyong Yega The First, with great fanfare, selling all units through initial offering.
Milyang Ssangyong Yega The First attracted 2882 applicants for 400 units for sale during the initial offering, with the average competition rate of 7.21 to 1. In particular, units with 84㎡ of dedicated space attracted the most intense competition of 14.84 to 1, with 1944 applicants for 131 units. 73 ㎡ A and 73 ㎡ B units, were closed at 4.02 to 1 and 3.03 to 1 respectively.
A source from Ssangyong E&C said, "The complex was the first in Milyang to be equipped with various special designs and advanced system such as 2m terraced wide balcony and smart home network system for all units." The average price of 7.8million KRW per 3.3㎡ is cheap and reasonable, and that added to the attraction, he added.
'Milyang Ssangyong Yega The First' is a name-brand apartment with a special design that is rarely seen in Milyang. The complex has attracted about 12,000 people since the opening of the model house. Considering the population of approximately 110,000 in the Milyang population, it is estimated that one out of nine residents visited the complex.
Milyang Ssangyong Yega The First' is Ssangyong E&C's very first residential complex this year. Its significance lies with the fact that the complex achieved great sales performance despite its location in a small city, strengthening the firm position as a construction player that reaches and succeeds in every part of the country.
Ssangyong E&C is considering further sales in Korea and actively pursuing urban remodeling projects in Korea. Thanks to the firm considerable know-how in remodeling business, it is expected to benefit from the 'Urban Renewal New Deal' project, which comprises the core of real estate policy of the new administration.
According to industry sources, there are 14 apartment complexes in Seoul that underwent remodeling from 2003 to 2014. Out of these 14, Ssangyong E&C proved its expertise through remodeling of 4 complexes: △Bangbae Yega Classic (Palace Apartment) in 2007 △Dangsan Yega Classic (Peace Apartment) in 2010 △Dogok Yega Classic (Dongshin Apartment) in 2011 △Hosu Yega Classic (Hyeonsok Hosu Apartment).
This year, Ssangyong E&C will start a project to vertically expand the Hansol apartment in Bundang and take on remodeling projects on Daebol apartment complex and Oksu Kukdong apartment.
Ssangyong E&C's target for this year's orders is 3.7 trillion KRW, an increase of 77% over last year's 1.8 trillion KRW. Specifically, the target is aimed at achieving 1.7 trillion KRW in overseas orders and 1.5 trillion KRW in domestic orders. The target revenue is 1.3 trillion KRW, a 53% increase over previous year 850 billion KRW.
An industry source said, "while the overseas market is expected to improve significantly this year, the actual situation was revealed to be quite difficult and it is expected to be even more so in the second half of the year." "We need to watch the performance in the housing market in the second half of the year, since this will drive the entire year performance, he added.
Meanwhile, Ssangyong E&C graduated from court administration in 2015 and was acquired by Investment Corporation of Dubai (ICD), a Sovereign Wealth Fund with 23 trillion KRW in assets. One year and eight months following the end of court administration, the firm has achieved more than 2.4 trillion KRW in overseas orders, and has been carrying out more than 2 trillion KRW worth of business in Korea, recovering its prestige as a construction powerhouse.