WOOMI Construction Co. will handle construction for the Gwangju Champions City mixed-use development. Champions City Mixed-Use Development PFV said on the 28th that it has shifted to a structure in which PFV shareholders Shinyoung and WOOMI Construction Co. participate directly in the project, and selected WOOMI Construction Co. as the first-phase builder for Champions City.
The project will redevelop a 298,000-square-meter site of the former Jeonbang and Ilshin Spinning in Im-dong, Buk-gu, Gwangju, into a mixed-use complex with 4,315 housing units and office, commercial, medical, and educational facilities. The total construction cost is 1.2 trillion won.
This project moved away from the previous approach that relied on external contracting and shifted to an in-house structure in which PFV shareholders participate directly as an asset management company (AMC) and builder.
A Champions City Mixed-Use Development PFV official said, "Amid a conservative business environment, including rising construction costs and a contraction in the PF market, we reviewed terms with various builders and, after comprehensively assessing practical execution capabilities and the stability of the project structure, selected WOOMI Construction Co., a leading builder from Gwangju and a shareholder in this project."
Champions City phase one is proceeding with the goal of breaking ground in Sep. this year, with sales to begin in the second half. A model home will be prepared within the Champions City site (100-1, Im-dong, Buk-gu, Gwangju).