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Ssangyong E&C to Strengthen Remodeling Business Next Year
Ssangyong E&C has announced that the company would make a big push to boost its remodeling business in 2021. This move is in response to the government’s tightening of regulations for reconstruction & redevelopment and the likely expansion of the housing remodeling market.
In July 2000, the company launched the industry’s first dedicated remodeling team and has since secured orders totaling some USD 884 billion (KRW 1 trillion). In 1991, the company completed the renovation of the Raffles Hotel Singapore, a national monument, and in 1991 successfully remodeled the Capital Square Office Building Parcel-E, thereby earning recognition from the Singaporean government for its technological prowess. At home, the company completed the remodeling of entire apartment complexes at several locations in Seoul, including Bangbae-dong Ssangyong Yega Classic (2007), Dangsan-dong Ssangyong Yega Classic (2010), Dogok-dong Ssangyong Yega Classic (2011) and Bamseom Ssangyong Yega Classic (2012).
Ssangyong E&C has steadily gained a firm foothold in the remodeling field by introducing advanced remodeling technologies, including Korea’s first vertical extension of two floors underground extensions to create a basement parking lot with elevators building of first-floor piloti spaces throughout an entire apartment complex creation of a two-story basement parking garage simultaneous construction/renovation of both above-ground and underground floors diverse structural reinforcements based on sectional enlargement, steel plate reinforcement, carbon fiber reinforcement and other methods damper-based seismic design that can withstand magnitude 6.5-7.0 earthquakes. (For regular structures, the required level is 6.5.)
An industry official predicted that the remodeling market would benefit from the government’s recent tightening of reconstruction and redevelopment regulations. Ssangyong E&C is expected to begin the remodeling of the Anam Apartment Complex in Ogeum-dong, Songpa-gu, Seoul during the first half of 2021. This horizontal extension remodeling will transform the two 15-story apartment buildings offering 299 units into two 16-story buildings offering 328 units while also increasing the number of basement floors from one to three. The 29 new units will be available for general presales. For the first time among domestic remodeling projects, these units will be guaranteed by the Korea Housing & Urban Guarantee Corporation (HUG).
“Remodeling projects are much more challenging than new construction, so there is a high barrier to entry for inexperienced contractors,“ a company official said. “We will redouble our efforts to secure apartment remodeling contracts that offer favorable conditions such as large-scale complexes in Seoul and the surrounding capital area as well as those close to subway stations.“