DL Construction hits $740 mn in redevelopment contracts in 2023 to date

A rendering of the redevelopment project of the city’s Dongjak and Seojak districts [Courtesy of DL Construction]

DL Construction announced on Friday that it recently secured the construction rights for a redevelopment project in Gwangju, a city located in the southwest corner of South Korea, marking the first time the company won more than 1 trillion won ($740 million) in urban redevelopment orders in 2023 to date.

The redevelopment project of the city’s Dongjak and Seojak districts, which DL Construction won on October 21, is to build 1,341 apartment houses in 15 buildings, ranging from 2 floors underground to 28 floors above ground, on a site of 85,809㎡ in 1256 Usan-dong, Gwangsan-gu, Gwangju. The project value is around 429 billion won and construction is slated to begin in August 2027. With its latest project, the builder has successfully secured the rights to undertake urban redevelopment projects worth 1.09 trillion won for the year to date.

DL Construction previously recorded annual contract values of over 1 trillion won for urban redevelopment projects in both 2020 and 2022. The company anticipates accumulating a total contract value of some 1.77 trillion won in urban redevelopment projects by the end of 2023.

DL Construction emphasized the significance of securing urban redevelopment contracts exceeding 1 trillion won this year, despite challenging circumstances. “Achieving over 1 trillion won in urban redevelopment contract values again in 2023 to date is significant, and we will continue to strive to reach a total cumulative contract value of 3 trillion won this year, including urban redevelopment projects,” a company official said.