Daewoo E&C中标首尔上道15区1.4367万亿韩元再开发项目

Daewoo E&C (047040.KS) has won the Sangdo District 15 redevelopment project. The company proposed 'Sangdo Summit' as the name for the complex.
According to Daewoo E&C on the 20th, the builder was selected as the contractor at a general assembly for the "Sangdo District 15 housing improvement-type redevelopment project" held on the 16th. The project involves constructing 30 residential buildings with 3,207 units, ranging from eight basement floors to 35 above-ground floors, along with ancillary welfare facilities and neighborhood living facilities, in the area around 279 Sangdo-dong, Dongjak-gu, Seoul. The construction cost is 1.4367 trillion won.
For Sangdo District 15, the largest integrated redevelopment complex in Dongjak, Daewoo E&C partnered with global design firm SMDP and proposed the complex name 'Sangdo Summit.' The company plans to realize a landmark complex representing the area by applying an exterior design inspired by the natural landscape of Guksabong, a symbol of the region.
To swiftly advance the project, Daewoo E&C will provide a completion guarantee and take responsibility for procuring project funds. It proposed a 100% loan-to-value (LTV) ratio for smooth relocation, along with 100% payment of contributions upon move-in and a strategy to maximize general sale profits through the Summit premium.
"As the leading builder that has supplied the most homes in Korea, Daewoo E&C will advance the project swiftly and stably based on the redevelopment know-how it has accumulated, repaying the support of the union members," a Daewoo E&C official said. "We will focus company-wide capabilities so that Sangdo District 15, which will become the first Summit complex in Sangdo, can become a landmark representing the area and a source of pride for union members."