Shindongah Construction buys Namyangju site for 590-home project after rehabilitation
In short
Shindongah Construction said it bought a site of about 28,000 square metres in Jinjeop-eup, Namyangju, Gyeonggi Province, where it plans 590 homes. The company said the project is its first own development since its rehabilitation proceedings ended, targeting construction and sales in October next year with projected revenue of about 350 billion won.
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Shindongah Construction said on October 7 that it had bought a housing development site in Yeonpyeong-ri, Jinjeop-eup, Namyangju, Gyeonggi Province, where it plans 590 homes. The company said the site covers about 28,043 square metres, according to Asia Economy and Maeil Business, while Yonhap put the figure at about 28,434 square metres. The company said the development is planned as two basement levels to 29 floors above ground, with homes and auxiliary welfare facilities. [ 2 , 3 , 4 , 5 ]
The company said construction and sales are targeted for October next year, and that revenue from the project is projected at about 350 billion won if it proceeds on schedule. [ 3 , 4 , 5 ]
According to Yonhap, this is the first own project Shindongah Construction has pursued since its rehabilitation proceedings were closed. The company applied to a court for rehabilitation in January last year, citing liquidity deterioration amid the construction downturn, and received a closure decision in October last year, leaving court management after nine months, Yonhap reported. Several outlets described the Namyangju project as the first own project since that closure. [ 1 , 2 , 4 , 5 ]
Shindongah Construction said it had been expanding orders for small-scale and urban renewal projects this year while looking for own-project sites in Seoul and the capital region. It said it plans to expand own projects gradually, centred on areas of the capital region with strong business prospects. A company official said it is focusing capacity on renewal projects and own projects in Seoul and the capital region, and that Namyangju Jinjeop has good development conditions and location competitiveness, allowing stable project execution. [ 3 , 4 , 5 ]
Why it matters
The project is the first own development the builder has taken on since exiting court receivership, so it is a test of whether the company can restart its own pipeline rather than relying on contracted work. It also adds housing supply in the greater Seoul area, which the company said is its focus for expansion.
Key facts
- Shindongah Construction said it bought a site in Yeonpyeong-ri, Jinjeop-eup, Namyangju, Gyeonggi Province, for a housing development. [ 2 , 3 , 4 , 5 ]
- The plan is for 590 homes in buildings of two basement levels to 29 floors above ground, plus auxiliary welfare facilities. [ 2 , 3 , 4 , 5 ]
- Construction and sales are targeted for October next year. [ 3 , 4 , 5 ]
- The company expects about 350 billion won in revenue from the project if it proceeds as planned. [ 3 , 4 , 5 ]
- The company said this is its first own project since its rehabilitation proceedings were closed. [ 1 , 2 , 4 , 5 ]
- Shindongah Construction said it will expand own projects gradually, centred on the Seoul metropolitan area. [ 3 , 4 , 5 ]
Confirmed by several sources
- Shindongah Construction bought a site in Jinjeop-eup, Namyangju, Gyeonggi Province, for a 590-home development. [ 2 , 3 , 4 , 5 ]
- The development is planned as two basement levels to 29 floors above ground, with auxiliary welfare facilities. [ 2 , 3 , 4 , 5 ]
- Construction and sales are targeted for October next year. [ 3 , 4 , 5 ]
- Projected revenue is about 350 billion won if the schedule holds. [ 3 , 4 , 5 ]
- The company said this is its first own project since its rehabilitation proceedings ended. [ 1 , 2 , 4 , 5 ]
Still unclear
- The size of the purchased site. Yonhap reported about 28,434 square metres, while Asia Economy and Maeil Business reported about 28,043 square metres; the documents do not explain the difference.
- The content of the Newsis report beyond its headline. The article text carried under the Newsis headline concerns a different event, so only its headline statement — a first own project after rehabilitation, 590 households in Namyangju Jinjeop — could be used.
What local media are saying
Timeline, local time
- Newsis reports Shindongah Construction's first own project after rehabilitation, 590 households in Namyangju Jinjeop. [ 1 ]
- Chosun Ilbo reports the company bought a site in Jinjeop-eup for a 590-home apartment development. [ 2 ]
- Asia Economy reports the site size, the 590-home plan, the October next year target and the roughly 350 billion won revenue projection. [ 3 ]
- Yonhap reports the same project and the company's rehabilitation timeline, citing about 28,434 square metres of site area. [ 4 ]
- Maeil Business reports the project as the first own development since the company's rehabilitation proceedings closed. [ 5 ]