Daewoo E&C will enter a development project in the Prosper area of Texas, USA. It has signed a memorandum of understanding (MOU) with local implementation and financial companies for the development project.
Daewoo E&C noted on the 4th that from the 1st to the 3rd, Chairman Jeong Won-joo and employees visited Texas, USA, and signed a joint cooperation MOU and a joint venture term sheet for the 'Prosper Pradera Development Project' Phase 1 with Orion RE Capital and Han River Asset Management at the Prosper City Hall north of Dallas.
This project is a mixed-use development promoted by Orion RE Capital, starting with Phase 1 townhouse development and proceeding through 5 phases, including dwellings, hotels, and offices. Daewoo E&C will push forward the project in collaboration with Orion RE Capital, the landowner and developer, and Han River Asset Management, which will handle local financing.
Prosper is evaluated as an emerging affluent area where billionaire investor Warren Buffett and Dallas Cowboys owner Jerry Jones own large tracts of land. With an average household income of approximately $190,000 and an average home price of $850,000, it is considered a stable residential area with one of the highest levels of public schools and abundant educational infrastructure in the United States.
Chairman Jeong Won-joo emphasized, 'Daewoo E&C has participated in about 20 development projects in the U.S. market as a financial investor in the past, and in the future, it will participate as a substantial developer, not just as an investor, to showcase the strength of K-construction.'
David Bristol, the mayor of Prosper, said, 'We welcome excellent investors like Daewoo E&C to participate in local development, and we will actively support various aspects, including licensing, for the successful promotion of the project.'
Daewoo E&C is expanding its investment in the North American market by establishing a local corporation in New York in 2023 and dispatching expatriates.