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Ssangyong Engineering & Construction Wins the Oncheon #2-Gongyeong Ilwon Housing Redevelopment Project in Busan
On November 7th, Ssangyong E&C announced that it had signed the construction agreement for the Street Housing Redevelopment Project for Oncheon #2-Gongyeong Ilwon located in Dongrae-gu, Busan.
Through the Street Housing Redevelopment Project, the Oncheon #2-Gongyeong Ilwon lot will be transformed into ‘The Platinum’ apartments, consisting of a total of 273 units in three buildings that span floors B2 to 24. After obtaining the approval for disposal of property rights next June, Ssangyong E&C will start construction in May 2023.
Ssangyong E&C continues its winning streak this year in urban redevelopment projects. Some of this year’s successes include the remodeling of the Gwangmyeong Cheolsan Hanshin Apartments last March, the remodeling of Garak Ssangyong #1 in Songpa, Seoul in May, the Street Housing Redevelopment Project for Taegwang Mansion, Busan in May, and the Street Housing Redevelopment Project for Samdeok Jinju in Anyang, Gyeonggi-do in June.
A Ssangyong E&C official stated, “with large-scale projects currently stagnant, the relatively less regulated and faster-moving market for Street Housing Redevelopment Projects is expanding,” and added, “the future focus will be on the urban redevelopment market, including small to medium-sized re-constructions, in Seoul, the capital, and the provincial metropolitan cities.”