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'South Gyeongsang Milyang Ssangyong Yega' Closes All of its Units Via Initial Offering
Significant Challenge Remains in Renewing the Brand Image for Success in the Domestic Housing Market

Ssangyong E&C is expanding its domestic housing business in full throttle. 'Milyang Ssangyong Yega The First,&rsquo the firm first residential sale this year, closed all of its units via initial offering. This success is expected to signal the reclamation of the firm's of domestic housing business.

According to Ssangyong E&C on September 9, 'Milyang Ssangyong Yega The First', which released its first sale this year, sold its units of all type via initial offering. A total of 2,882 people were applied for a total of 400 units (excluding special offering), and the average competition rate was 7.21 to 1. The highest rate of competition was for the units with 84 meters of dedicated space, of which 1944 applicants rushed to the 131 units with the competition rate of 14.84 to 1.

Kang Seok Kim, Director of Residential Sales in Ssangyong E&C, said, "The complex was the first in Milyang to be equipped with various special design features and advanced systems such as 2-meter terraced wide balcony and smart home network system for all units. Since it is a name-brand apartment, 12,000 people have visited since the model house opened, he added.

After its graduation from the workout process, Ssangyong E&C started to supply apartments for the first time in four years since 2012, with limited success. At that time, Gumi Ssangyong Yega The Park was shown at Gumi Expansion Complex in Gyeongbuk, but the results were disappointing. 

However, this year, the firm is diving head first into the domestic housing market. Chairman & CEO S. Joon Kim of Ssangyong E&C, is spurring efforts to rebuild Ssangyong Yega's image not only in its overseas business but also in the domestic housing market. 

In fact, Ssangyong has been supplying the largest number of domestic housing units this year. The firm plans to return to the domestic housing business by supplying 3860 units from five complexes nationwide, including 'Milyang Ssangyong Yega The First' (400 units). 

This will be followed by 1,538 units in Masanhapo-gu, Changwon, South Gyeongsang province, 811 units in Bupyeong-gu, Incheon, 873 units in Chowol-eup, Gwangju, Gyeonggi province, etc. in latter part of the year.

A source from the firm said, "Based on our stable financial structure, we plan to actively expand remodeling and reconstruction projects in areas with good locations such as the Greater Seoul Metropolitan Area and regional metropolitan cities."

Nevertheless, there are no overseas orders this year, and renewing the brand image of 'Ssangyong Yega' remains a big challenge. In late 2008, the firm won a number of high-end architectural projects in Dubai, followed by a 300 billion KRW in Singapore subway construction project early last year. While the firm won a total of 330 billion KRW in Dubai, Singapore, Equatorial Guinea and other countries so far, no new addition was made to that record this year. 

An inside source said, "Currently, we are actively moving in Dubai in various ways including bidding and design support. Even if there is no news right now, we expect overseas orders to be delivered in the second half of the year. We are also redoubling our efforts to renew the brand image through recruitment of a housing business subject matter expert as our executive," he added.