Daewoo E&C achieves over $738 mn in urban regeneration project orders

A rendering of the redevelopment of Cheongju Samo Zone 2 [Courtesy of Daewoo E&C]

South Korea’s Daewoo Engineering & Construction Co. (Daewoo E&C) has won more than 1 trillion won ($737.9 million) in urban regeneration project orders this year.

Daewoo E&C announced Monday that it won 1.12 trillion won in cumulative orders this year after being named the contractor for the redevelopment of Cheongju Samo Zone 2 on October 21.

Cheongju Samo Zone 2 is a project that involves building 50-building apartments for 4,148 households in North Chungcheong Province. Each building will be 29 story high with 4 underground floors.

The project is worth 280.1 billion won.

This year, Daewoo E&C secured construction rights for a total of three projects in the urban regeneration business, including the rebuilding for Sinjeong Zone 4, Gurobogwang Apartment, and Cheongju Samo Zone 2, with combined orders exceeding 1 trillion won.

Daewoo E&C earned more than 5 trillion won in urban regeneration projects alone last year, an all-time high for annual orders.

This year, however, it is selectively winning orders for competitive projects given the growing market uncertainty, the company said.

“As market risks grow amid an excessive rise in construction costs and interest rates, we are being selective in winning orders instead of increasing the size to focus on the fundamentals,” said an official from Daewoo E&C. “Our focus will be on improving the quality of projects for the win-win of both reconstruction unions and contractors.”