쌍용건설

The Company Plans to Supply More Units of ’The Platinum,’ Its Integrated Housing Brand, in the Korean Market 

The protraction of the COVID-19 pandemic has dealt a heavy blow to the overseas construction market. Against this back, Ssangyong E&C plans to concentrate this year on the successful execution of ongoing construction projects while also focusing on securing new contracts in areas where it has strong competitive advantages and boasts proven business profitability. As for the domestic market, the company intends to increase the supply of housing units associated with The Platinum, its integrated housing brand, thereby taking advantage of the government’s latest policies to expand housing supply.

“In response to the post-pandemic era, we must further strengthen our core business areas,” Ssangyong E&C’s Chairman and CEO S. Joon Kim noted. “In Dubai and Singapore, our core overseas markets, we are experiencing a reduction in new contracts due to the pandemic. However, we expect that, once the pandemic is over, diverse investment efforts will be made in these regions to enhance infrastructure and boost economic growth,” he predicted. “We are determined to recapture profit share in the overseas construction market by capitalizing on the expertise and capabilities we have accumulated over the years.”

 

◇ An Increase in High Value-Added Orders in the Overseas Market

In the overseas market, Ssangyong E&C is currently participating in tenders for 33 projects (totaling USD 14. 8 billion) after passing their respective preliminary qualification stages. Among the 33 projects, 20 projects (totaling USD 5.9 billion) are architectural projects while 13 projects (totaling USD 8.9 billion) are focused on civil engineering. These projects will be carried out mostly in Southeast Asia and the Middle East, the two primary markets for the company. “Such performance suggests that we are competing on an equal footing with top global construction giants in overseas markets,” Chairman and CEO S. Joon Kim noted.

The company’s goal for the year is to secure some USD 2.1 billion worth of new contracts and to achieve a revenue of some USD 1.3 billion. To this end, Ssangyong E&C will promote its overseas business by focusing on the Singaporean market, particularly on the country’s high-end architectural projects and high value-added civil engineering projects. In Singapore, the company has recently successfully passed the preliminary phase of tenders for several large-scale civil engineering projects and is seeking to win the projects. These contracts involve the construction of six subway sections (worth USD 2.7 billion), an underground expressway, and an airport. Furthermore, the company is deemed capable of winning additional contracts associated with high-end architecture (e.g., hotels, hospitals, and office towers), one of its primary strengths.

Ssangyong E&C is the only Korean contractor with a presence in the Dubai construction market. While continuing its efforts to secure new contracts in Dubai, Equatorial Guinea, and other established markets, the company is also striving to develop new markets in Thailand and other parts of Southeast Asia. “Winning contracts in the overseas market requires specialists who can handle complicated tender procedures and the assignment of one-of-a-kind global talent for the entire process of technology development, contract negotiation, and construction execution. As such, we must focus on fostering such talent,” Chairman and CEO S. Joon Kim stressed.

 

◇ Maintaining Absolute Leadership in the Remodeling Market

At home, Ssangyong E&C plans to aggressively expand its housing market penetration under the keyword “diversification.” This year, the company is slated to supply some 6,700 units in 10 housing complexes around the country. In particular, it aims to expand The Platinum brand across the entire spectrum of the housing market - from remodeling to the development of regional landmarks through projects involving mixed-use buildings, redevelopment, urban development, and luxury housing.

Last year, despite the pandemic-induced recession, the company successfully completed the presales of some 8,000 units in 11 housing complexes across the country. For this year, most of its housing supply (to be exact, 4,220 units or two-thirds of the 6,700 units to be offered in 2021) will be available in Seoul and the surrounding metropolitan area as well as in regional metropolitan hubs such as Daejeon, Daegu, and Busan.

The industry as a whole recognizes that Ssangyong E&C has established itself as the unparalleled leader in the remodeling market. The company has significantly expanded its remodeling team. It is also seeking to form strategic partnerships with other companies to develop new construction technologies, foster specialized engineers, and win mega construction projects. At the moment, however, the company is focusing on securing remodeling projects for the Cheolsan Hansin Apartment Complex (1,568 units) in Gwangmyeong, Gyeonggi-do Province and the Ssangyong 1(Il)-Cha Apartment Complex (2,064 units) in Garak-dong, Songpa-gu, Seoul. 

“In line with the nationwide expansion of the remodeling market, we will strive to increase market dominance by forming synergistic partnerships with other large companies and thereby win more mega-scale projects such as the Garak Ssangyong 1(Il)-Cha Apartment Complex Remodeling Project,” Jin Seop Son, Managing Director of Ssangyong E&C noted.