Geukdong Engineering & Construction secured the construction rights for the small-scale reconstruction of the Geukdong Riverside Apartment in Dongjak District, Seoul, marking its first win in a redevelopment order this year. An apartment once known along the Hangang as "Geukdong" will be rebuilt by a construction company with the same name.
According to the redevelopment industry on the 17th, the association for the small-scale reconstruction of Geukdong Riverside Apartment held a general meeting to select a Sigongsa on the 14th and chose Geukdong Engineering & Construction as the Sigongsa. The project calls for building 149 units of multifamily dwellings and ancillary welfare facilities from three basement levels to 24 stories above ground at 148-2·8 and 190-50, Bondong, Dongjak District, Seoul. The construction cost is 9.89 million won per 3.3 square meters.
The project site is considered a prime location directly in front of Nodeul Station on Seoul Subway Line 9. As a riverside apartment with Hangang views, it offers excellent access to Yeouido and the Gangnam area. If the area is upgraded to a quasi-residential zone, competitiveness is expected to strengthen in terms of both project stability and marketability.
This order is the first result since Geukdong Engineering & Construction announced plans this year to expand participation in redevelopment projects in Seoul and the greater capital region. Founded in 1947, Geukdong Engineering & Construction has presented a strategy to make dwellings and urban redevelopment the core growth pillars as it approaches the 80th anniversary of its founding next year.
A Geukdong Engineering & Construction official said, "Given the prolonged Iran war and President Lee Jae-myung's real estate policies, there is a strong possibility that the trend of 'Affordable Housing' will expand," adding, "We plan to pursue a bidding strategy that can supply dwellings with higher residential quality at prices consumers can afford."
Changes are also expected in the brand strategy. Geukdong Engineering & Construction, together with Namkwang Engineering & Construction, which was founded the same year, is carrying out an integration and renewal of their dwellings brands and plans to unveil a new brand system in the first half. Through this, the company aims to reorganize its existing brand image and strengthen competitiveness in the dwellings business.
Namkwang Engineering & Construction is also taking aggressive steps in the redevelopment market this year. In February, Namkwang Engineering & Construction secured the construction rights for the Garak 7th Street Housing Redevelopment Project in Songpa District and has also bid on the Maporo 5-2 District redevelopment project, competing with Doosan Engineering & Construction Co. Geukdong Engineering & Construction is also said to be weighing participation in bids for two to three sites in the Seoul capital area.