Geukdong Construction wins Seoul Siheung-dong LH-participating street housing project
In short
Geukdong Construction (극동건설) was chosen as final builder for a street housing redevelopment project in Siheung-dong, Geumcheon District, Seoul, at a general meeting on 17 October. The project, in which Korea Land and Housing Corporation (LH) takes part, covers 231 households in four buildings.
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Geukdong Construction (극동건설) was selected as the final builder for a street housing redevelopment project in Siheung-dong, Geumcheon District, Seoul, according to Maeil Business, Newsis and Chosun Ilbo. The selection took place at a general meeting held on 17 October. Newsis said the company announced the result on 20 October, and Maeil Business and Dong-A Ilbo cited the redevelopment industry. [ 1 , 2 , 3 , 4 ]
Korea Land and Housing Corporation (LH) takes part in the project as a co-implementer, in a public-participation format. The project will redevelop an aging residential area in Siheung-dong into an apartment complex of four buildings and 231 households, from four floors underground to 20 floors above ground, with ancillary welfare facilities. Newsis and Chosun Ilbo put the site at 1003 Siheung-dong, and Chosun Ilbo said the scale is based on the Seoul city integrated review plan. [ 1 , 2 , 3 , 4 ]
Maeil Business described the public-participation format as one in which public bodies such as LH and private firms promote small-scale housing redevelopment together, with LH providing administrative consulting such as association establishment approval and design analysis. It said the format simplifies procedures and eases regulation compared with large redevelopment projects. Dong-A Ilbo said public participation makes a project more stable than a private-only one. [ 1 , 2 ]
The outlets said Geukdong integrated brands with Namgwang Construction (남광토건) and Geumgwang Enterprise (금광기업). After that, it secured the Incheon Donga Apartment and Geukdong Gangbyeon small-scale reconstruction projects, followed by the Siheung-dong project. [ 1 , 2 , 3 ]
Ahead of its 80th anniversary next year, the company plans to strengthen its position in the Seoul-area redevelopment market through selective orders based on project conditions and profitability, the outlets reported. A Geukdong official, quoted by Dong-A Ilbo and Newsis, said the credibility gained after the brand integration and the company's strategic approach to LH-participating projects had come together. The official added that the company would actively pursue good redevelopment projects in the Seoul area, backed by its financial soundness and construction ability. [ 1 , 2 , 3 ]
Why it matters
The outlets, all business media, present the win as part of Geukdong's push to expand redevelopment orders in the Seoul metropolitan area. The documents give no contract value or construction schedule.
Key facts
- Geukdong Construction was selected as final builder at a general meeting held on 17 October for the street housing redevelopment project in Siheung-dong, Geumcheon District, Seoul. [ 1 , 3 , 4 ]
- The project is a public-participation redevelopment in which Korea Land and Housing Corporation (LH) takes part as a co-implementer. [ 1 , 2 , 3 ]
- It will turn an aging residential area into apartments of four buildings with 231 households, from four floors underground to 20 floors above ground, plus ancillary welfare facilities. [ 1 , 2 , 3 ]
- Chosun Ilbo said the 231-household figure is based on the Seoul city integrated review plan. [ 4 ]
- Geukdong integrated brands with Namgwang Construction (남광토건) and Geumgwang Enterprise (금광기업), and has since secured the Incheon Donga Apartment and Geukdong Gangbyeon small-scale reconstruction projects as well as this one. [ 1 , 2 , 3 ]
- The company said it plans selective orders based on project conditions and profitability, ahead of its 80th anniversary next year. [ 1 , 2 , 3 ]
Confirmed by several sources
- Geukdong Construction was chosen as final builder for the Siheung-dong street housing redevelopment project in Geumcheon District, Seoul, at a general meeting on 17 October. [ 1 , 3 , 4 ]
- LH takes part in the project as a co-implementer, in a public-participation format. [ 1 , 2 , 3 ]
- The project plans four buildings with 231 households, from four floors underground to 20 floors above ground. [ 1 , 2 , 3 , 4 ]
- Geukdong won the Incheon Donga Apartment and Geukdong Gangbyeon small-scale reconstruction projects before this one, after its brand integration with Namgwang Construction and Geumgwang Enterprise. [ 1 , 2 , 3 ]
Still unclear
- Contract value and start of construction None of the documents gives the contract value or a construction schedule.
- Final household count Chosun Ilbo says the 231 households are based on the Seoul city integrated review plan; the other outlets give the figure without that qualification.
- Company claims on strategy and credibility The statements that brand integration raised the company's credibility and that its financial soundness supports further orders come from a Geukdong official quoted by Dong-A Ilbo and Newsis.