Daewoo Engineering & Construction (CEO Baek Jeong-wan) announced that it has exceeded KRW 1 trillion in orders received in the urban redevelopment project field this year.

Daewoo Engineering & Construction was selected as the construction company for the Cheongju Private Area 2 redevelopment project on the 21st and achieved a cumulative order amount of KRW 1.1154 trillion this year.

The Cheongju Samo District 2 Redevelopment and Maintenance Project Association held an extraordinary general meeting to select a construction company on the 21st and selected Grand Project Group (25% stake in Daewoo Engineering & Construction) as the final construction company. Cheongju Samo District 2 is a project to build 4,148 apartments in 50 buildings from 4 underground floors to 29 above-ground floors and ancillary welfare facilities, and the contract amount is KRW 280.1 billion (Daewoo Engineering & Construction). As a result, Daewoo E&C acquired the construction rights for a total of three projects in the urban redevelopment project field this year, including ?reconstruction of Sinjeong District 4, ?reconstruction of Gurobogwang Apartment, and ?redevelopment of Cheongju Samo District 2, raising order volume of KRW 1.1154 trillion.

Last year, Daewoo E&C achieved the highest order record of the year by exceeding KRW 5 trillion in orders for the urban redevelopment project alone, but this year, as market uncertainty increases, it is seeking to select orders for competitive business sites. A Daewoo E&C official said, 'As construction costs and interest rates have risen excessively and market risks have expanded, we are focusing on selective orders to strengthen the quality rather than quantitative orders to achieve the order target amount. 'We plan to focus on improving the quality.'

Meanwhile, Daewoo Engineering & Construction is working hard to secure additional orders for the remainder of this year. Daewoo Engineering & Construction plans to participate in the second round of bidding on November 20th, following the first round of independent bidding, in the Duke Apartment Reconstruction Project, which has emerged as the first site for Yeouido reconstruction. Daewoo Engineering & Construction, which is planning a new landmark in Yeouido with world-renowned architect Jean-Michel Wilmott, who designed the Louvre Museum, is in charge of the design, plans to establish a bridgehead for further expansion into Yeouido in the future by winning the Duke Apartment order. If the Yeouido Duke Apartments reconstruction project is rejected in the second round of bidding, it will be carried out as a negotiated contract, and Daewoo Engineering & Construction is expected to select a construction company within the year.

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