쌍용건설

 

Since last year, Ssangyong E&C has been strategically seeking out small-scale urban redevelopment projects in metropolitan cities. Against this back, the company has won yet another such project in Yongmun-dong, Daejeon, a deal that is cementing it as an emerging leader in this market.  

 

Ssangyong E&C has announced that it has recently won a city-block housing redevelopment project worth KRW 75 billion (USD 55 million). The project will transform Jangmi Apartment Complex at 592-12, Yongmun-dong, Seo District, Daejeon into a new 252-unit apartment complex.

 

With the winning of this contract, the company has secured seven projects in the city-block housing redevelopment business alone, projects involving 1,600 units with a combined worth of KRW 450 billion (USD 332 million). More specifically, last year, Ssangyong E&C secured two such contracts in Busan (Taegwang Mansion and Oncheon Phase 2 Public Apartment Complex), one in Anyang (Samdeok Jinju Apartment Complex), and one in Hongeun-dong, Seoul, followed this year by the Wolseong Mansion project and the Oncheon Gongjak Mansion project in Busan and the Jangmi Apartment Complex project in Yongmun-dong, Daejeon. This feat is a result of the company’s strategy of discovering a blue ocean in small-scale urban renewal projects unfolding in favorable locations, instead of engaging in cutthroat competition in the large-scale redevelopment market that offers little room for profitability.

 

Through this project, Jangmi Apartment Complex in Yongmun-dong, Daejeon will be transformed into two apartment buildings (B5/35F) with a total of 252 units under “The Platinum” brand. Construction is set to start in January 2025, and there will be 176 units available for general presales as well as units reserved for members of the redevelopment association.

 

As for the site, Jangmi Apartment Complex is situated right near Daejeon Metro’s Yongmun Station and Lotte Department Store as well as diverse residential facilities. Such favorable location can help boost the brand image of Ssangyong E&C’s “The Platinum” apartments.  

 

On top of this, this project is meaningful in that it is Ssangyong E&C’s first redevelopment project in 14 years since the company completed Ssangyong Yega (reconstructed from Taepyeong LH Apartment) in Taepyeong-dong, Daejeon in September 2008.

 

“This project will lay the foundation for all future urban renewal projects in Daejeon and South Chungcheong Province,” an official at Ssangyong E&C said. “Moving forward, we will continue to actively explore small-scale reconstruction projects in Seoul, the Seoul Capital Area, Busan, Daejeon, and other metropolitan areas, projects that can further enhance the stature of ‘The Platinum’ brand.”