POSCO E&C to undertake WOOSUNG Woo·Geuk·Sin remodeling project alone

It is expected that POSCO Engineering & Construction will solely undertake the construction of the largest remodeling complex in South Korea, the WOOSUNG Woo·Geuk·Sin (WooSung Complexes 2 and 3, Geukdong, and SinDong-A Phase 4 Apartments). POSCO Engineering & Construction has ranked first in Korea in terms of accumulated remodeling orders. The Woo·Geuk·Sin association plans to hold a general meeting in May to finalize the construction company.

According to the maintenance industry on the 14th, the Seoul City Dongjak-gu Sa-dang WOOSUNG Woo·Geuk·Sin remodeling housing association will close re-bidding for construction companies on the 28th and hold a general meeting on May 24 to select a construction company. There is a strong possibility that POSCO Engineering & Construction will be selected as the construction company.

The WOOSUNG Woo·Geuk·Sin remodeling association designated a consortium consisting of four construction companies, including POSCO Engineering & Construction, Hyundai E&C, Hyundai Engineering, and SK Ecoplanet, as the preferred negotiation target last June. However, the selection of the preferred candidate was canceled after SK Ecoplanet expressed its intention to withdraw from the consortium.

Sin or the WOOSUNG Woo·Geuk·Sin remodeling association chairperson noted, "After the withdrawal of SK Ecoplanet from the consortium last year, we decided to issue a re-bid announcement for the construction company instead of proceeding with direct contracting," adding, "We plan to finalize the construction company by the end of May and proceed with the project without delay."

POSCO Engineering & Construction, which was the lead partner in the consortium at that time, has shown a strong commitment to securing the WOOSUNG Woo·Geuk·Sin remodeling project. After the cancellation of the preferred candidate status, Hyundai E&C and Hyundai Engineering decided not to participate in the project, and POSCO Engineering & Construction expressed its intention to undertake the project alone. POSCO Engineering & Construction holds approximately 11.3 trillion won in accumulated remodeling orders, ranking first among construction companies in the top 10 in construction capability evaluation.

If POSCO Engineering & Construction secures the WOOSUNG Woo·Geuk·Sin remodeling project, it is expected to solidify its position as the strongest player in the domestic construction industry for remodeling. Currently, the 4,397 dwelling units in WOOSUNG Woo·Geuk·Sin are expected to be reborn as a maximum of 5,054 units with heights reaching 23 floors through remodeling. The estimated project cost is around 2 trillion won. However, the establishment of the SinDong-A Phase 4 association has been delayed, and the decision on future unified remodeling is pending.

A representative from POSCO Engineering & Construction stated, "Considering the internal circumstances of the existing consortium members, we decided to participate alone in the development of the Gangnam area Mammoth The Sharp complex."