Minster of Land, Infrastructure and Transport Kim Yun-duk pledged to provide administrative support to Daewoo E&C selected as a partner for the site preparation work of the Gadeok Island new airport construction project.
Minister Kim asked for the contractor to take preliminary steps not to spread the aftermath of the Middle East situation to business risks of the project.
MOLIT Minister Kim had a meeting with Daewoo E&C Chmn. Jung Won-ju at Seoul National Territory Development Exhibition Hall.
Minister Kim promised to provide administrative support, such as land compensation and completion of residents’ relocation before the project breaks ground.
He said, “The planned Gadeok Island new airport is a national milestone project designed to contribute to improving balanced national territory development as a gateway airport of the Southeastern Sphere.”
The minister said he expected Daewoo E&C’s role as a key partner to achieve the goal of opening the new airport by 2035.
Daewoo E&C Chmn. Jung’s meeting with the MOLIT minister followed a meeting between MOLIT Vice Minister Hong Ji-sun and Daewoo E&C president on March 20.
The latest meeting was designed to stress the importance of the Gadeok Island new airport and lend an ear to grievances and complaints the contractor suffer.
MOLIT plans to monitor Daewoo E&C’s financial situation periodically via experts and build a system of directly distributing payments to subcontractors, employees, and equipment, components and materials suppliers.
The ministry plans to conduct multi-channel verification procedures to raise the quality of the design and it asked for cooperation from Daewoo E&C side.
Daewoo E&C Chmn. Jung Won-ju meets with CEO Nicole Kushner Meyer of Kushner Companies and CIO Nick Maki to discuss on joint real estate investment and housing development project opportunities. (Photo: Daewoo E&C)
Daewoo E&C Chmn. Jung Visits US to Expand Real Estate Development Business in North American Market
Daewoo E&C is accelerating efforts to expand the real estate development business in the North American market.
Daewoo E&C said C Daewoo E&C Chmn. Jung Won-ju visited New York and New Jersey from March 12 to 18 and met with officials from Kushner Companies, owned by Jared Kushner, son-in-law of U.S. President Donald Trump, Toll Brothers City Living and EJME to discuss joint investment and development cooperation opportunities for housing projects in the New York and New Jersey areas.
In particular, Daewoo E&C discussed detailed ways of promoting cooperation in connection with new development projects in Manhattan and its neighborhood areas with EJME, the developer of the World Financial Center.
Daewoo E&C Chmn. Jung also met with Korean-American companies, such as H-Mart and Incoco.
Daewoo E&C said the contractor was considering jointly implementing mixed-use development projects combining housing and commercial structures at core commercial districts and development sites, owned by these companies.
Daewoo E&C developed approximately 5,400 units and invested $170 million while carrying out a combined 20 real estate development projects in the United States from 1992 to 2006.
The Korean contractor hit paydirt by investing a project to build the Trump World Tower in Manhattan, New York, developed by President Trump.
In June 2023, Daewoo E&C established an incorporated entity in New York and last year, the contractor struck an MOU on the “Texas Prosper Development Project” with Orion RE Capital.
The contractor is aggressively exploring real estate development and investment opportunities in the United States.
Daewoo E&C Chmn. Jung Meets with Global Renowned Architect
Daewoo E&C Chmn. Jung Won-ju had a luncheon with visiting renowned French architect Dominique Perrault at its headquarters in Seoul on April 9 and they had an in-depth discussion on the Korean and foreign housing markets, the future direction of urban development and ways of promoting cooperation.
They discussed the future of the housing market and urban development, the Korean builder said Thursday.
Dominique Perrault is a globally recognized architect and designer who has gained fame for his creative architecture philosophy of reinterpreting relations between nature and city, particularly connecting each city’s streams via structures and expanding public space’s roles.
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