Hanwha's construction division said on the 21st it will pursue strategic cooperation with Mastern Investment Management to jointly promote real estate development projects.
Hanwha's construction division signed a memorandum of understanding (MOU) with Mastern Investment Management at the Hanwha Building in Janggyo-dong, Seoul, and plans to expand cooperation from sourcing new development projects to establishing joint ventures.
The agreement was pursued to move beyond the existing construction-centered business structure and build a proactive project-sourcing system that combines finance and development. The two companies will collaborate across the entire process from the initial planning stage to post-completion operations.
Leveraging its planning, design, and construction capabilities, Hanwha's construction division will verify project feasibility by applying pre-construction services that review construction costs and schedules in advance, and will handle overall design and construction for the development.
Mastern Investment Management will be responsible for investor recruitment, financing, and investment structure design, and will carry out risk management reflecting market conditions and strategies to enhance asset value after completion.
Through this cooperation, the two companies expect to establish an integrated decision-making system that combines finance and construction, and to improve profitability by managing risks at the early stage of projects.
Yoon Seong-ho, head of the development business division at Hanwha's construction division, said, "We will strengthen competitiveness in development projects through the combination of finance and construction and build a stable business structure."
Park Kyung-bae, head of Domestic Division 1 at Mastern Investment Management, said, "We expect to create synergy by combining real estate finance and construction capabilities."