POSCO Engineering and Construction Co. is slated to build a 101-storey residential, office and shopping mall tower in Haewoondae, Busan at the cost of 2.7 trillion won, the company said recently.
The construction affiliate of the POSCO Group signed an agreement to take care of the construction of the mammoth building complex with the L City PFV and the Haewoondae Tourism and Resort L City Development Project as a builder on April 17.
The project includes the construction of two 85-storey buildings and a 101-storey tower in the No. 1 Haewoondae Ward in Haewoondae, Busan, which is being touted as a landmark tower in the Busan area, which has been growing explosively with an increasing number of ships utilizing the largest harbor in Korea because of its super-modern facilities.
POSCO Construction was selected to be the builder for the project over competitors including Lotte Construction and Daelim Industry due to its experience in building skyscrapers such as a 305-meter tall building in Songdo International Business City, Incheon, the Northeast Asia Trade Tower (NEAT Tower) and its financial capacity.
The project owners nullified its contract with a Chinese construction firm, CESCEC, and selected POSCO Construction presumably due to the Chinese construction firm’s inability to arrange part of the financing for the project.
The landmark tower will include 561 hotel rooms and 260 six-star tourist hotel rooms, while the residential buildings will have 889 apartments with deluxe leisure and resort, business and shopping facilities to take advantage of its location, which is near the beaches of Haewoondae.
POSCO Construction also has the intelligent property rights for the prevention of disasters, the ability to rescue the victims of typhoons and earthquakes, 86 cases altogether and five new technologies.
President Hwang Tae-hyun said they will do their best to build the L City, which is sure to be a landmark in the Busan area, the most exciting tourist destination in Korea and Northeast Asia and also to show off their construction technologies in building skyscrapers and the ability to contribute to Korea’s construction industrial development.
POSCO E&C, founded in December 1994, is a total construction company that aims to be a global E&C company based on their excellent plant engineering technology, knowhow and skilled manpower accumulated from experience in building the global top-tier integrated steel-works of POSCO.
Having offered total project services ranging from project planning to design, construction and commissioning, the builder earned trust from its customers in a variety of areas from steel manufacturing to environmental and energy plants, new city development, SOC projects and high-rise building construction.
The company boasts the most solid financial structure among domestic construction companies.
Its corporate reliability is shown by its high credit ratings. POSCO E&C acquired the A1 grade in the CP ratings, a yardstick for short-term credibility, and has also maintained the
AA- grade in corporate bond ratings, showing is long-term credibility.
“Furthermore, we have obtained the BBB- grade and the Baa3 grade from S&P and Moody's respectively, two of the world's most renowned credit rating agencies, and these grades are among the highest credit ratings in the construction industry globally,” the company said. “We believe our high credit status comes from our long-term emphasis on transparent management. Based on our solid financial structure and strong customer satisfaction, we have been able to evolve rapidly and expand our business area each year in an effort to become a global E&C company,” officials of the company said.
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