PR Center

• Ssangyong E&C Wins Majority Vote at General Assembly on the 17^th
• Plans to Construct 554 Residential Units

Ssangyong Engineering & Construction (E&C) has secured the construction contract for the Gusan District 1 Redevelopment Project in Busan, outperforming Dongbu Corporation in a competitive bid between mid-sized builders during the first half of this year.

According to industry sources on May 17, the redevelopment association for Gusan District 1 held a general meeting on the 17th, where Ssangyong E&C was ed as the main contractor by majority vote.

The project involves redeveloping the site at 735-1 Guseo-dong, Geumjeong-gu, with plans to construct 554 residential units along with community and welfare facilities, spanning a total floor area of 27,867 square meters. The site offers significant locational advantages&mdashjust a five-minute walk from Dusil Station on Busan Subway Line 1&mdashand is situated near top-ranked schools including Guseo Elementary, Namsan Middle School, Busan Science High School, and Pusan National University, making it a highly sought-after educational hub within the city.

While no bidders came forward in the first round held earlier this year, the second round, which closed on April 24, saw both Ssangyong E&C and Dongbu Corporation submit proposals, setting the stage for a head-to-head competition.

The two companies recently faced off in another bid for the Garo Housing Redevelopment Project covering Moa Town Zones 4, 5, and 6 in Gocheok-dong, Guro-gu, Seoul. In that instance, Dongbu Corporation emerged as the winner after a general meeting hosted by Korea Trust, the project&rsquos developer, where local residents ed their preferred contractor.