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Ssangyong E&C Continues Winning Small-Scale Redevelopment Projects in Busan

2022-04-25

Ssangyong E'C (Chairman and CEO S. Joon Kim), which has been expanding its remodeling and urban redevelopment business, has recently won yet another small-scale reconstruction project in Busan, thereby continuing its contract-winning streak since last year.

 

The company announced that, at a general assembly of the Wolseong Mansion Rebuilding Association held on April 23, it was ed as the contractor for the reconstruction of the Wolseong Mansion apartment complex, located at 1359-7, Yeonsan-dong, Yeonje-gu, Busan. The contract is worth KRW 57.9 billion (USD 45.8 million).

 

The project will transform Wolseong Mansion into one 228-unit mixed-use apartment building (B6/32F) featuring Ssangyong E'C's The Platinum brand. After the pre-construction review by authorities in January 2023, followed by authorization of the project implementation plan and the property management and disposal plan in October of the same year, construction is set to begin in October 2024 and will be completed in February 2028. The number of general presale units (excluding units for members of the rebuilding association) is 189.

 

Ssangyong E'C's efforts to win remodeling and redevelopment projects in the Seoul Capital Area and metropolitan cities have paid off handsomely. Last year, the company won a series of such projects totaling KRW 1.51 trillion (USD 1.19 billion), including the Cheolsan Hansin Apartment Remodeling Project in Gwangmyeong, Gyeonggi Province in March, followed by the Garak Ssangyong Phase 1 Remodeling Project in Songpa District, Seoul in May, the Taegwang Mansion City-Block Housing Redevelopment Project in Busan in May, the Samdeok Jinju City-Block Housing Redevelopment Project in Anyang, Gyeonggi Province in June, the Oncheon Phase 2 Public Apartment City-Blocking Housing Redevelopment Project in Busan in September, and the Hongeun-dong City-Block Redevelopment Project in Seoul. 

 

In particular, based on its track record of completing over 20,000 units and its brand popularity in the region, Ssangyong E'C has secured three redevelopment projects in Busan alone during a one-year period since May of last year. 

 

"Our two-track efforts to win large-scale remodeling projects in Seoul and the Seoul Capital Area, as well as urban renewal projects in the Seoul Capital Area and metropolitan cities, are yielding tangible results," a company official said. "Moving forward, we plan to continue our contract-winning streak not only by engaging in large-scale remodeling projects but also by discovering small-scale reconstruction projects near metro stations in metropolitan cities that can further enhance the status of The Platinum brand."

 

In the field of urban renewal alone (e.g., reconstruction, redevelopment and remodeling), the company has secured a total of KRW 4.3 trillion (USD 3.4 billion) worth of contracts across the country involving the construction of some 27,000 units in 30 housing complexes.