Lotte E&C President Ha Seok-joo.

Lotte E&C, celebrating its 61st anniversary this year, looks to make the company’s best-ever achievements in terms of winning orders in the urban renewal project and apartment sale sectors.

The contractor had won urban renewal project orders worth about 2 trillion won to rank 2nd in the industry. With the potential winning of additional sites in the second half of the year, Lotte E&C is looking to rise to first place by making the best-ever achievements in the urban renewal project business.

The contractor is looking to sell the biggest-ever number of apartments with an additional sale of about 10,000 brand apartment units in popular areas such as Suwon, Hwaseong, Incheon and Busan.

Urban renewal project industry sources said Lotte E&C saw cumulative winning urban renewal projects stand at 1.987.4 trillion won. Lotte was trailed by Hyundai E&C, which won cumulative orders worth 4.004.7 trillion won. Lotte E&C ranked fourth last year with cumulative winning urban renewal orders worth 1.203.8 trillion won.

Starting with the winning of the 160.2 billion won, Jung-gu B-05 District Redevelopment Project in Ulsan in January, Lotte E&C was awarded mega projects such as the Beomil II District Redevelopment Project in Busan in March and the Galhyeon I District Redevelopment Project worth 925.5 billion won in May.

The contractor is participating in bids to win mega projects such as the 8th Daeyeon District Redevelopment Project in Busan slated for the second half.

Lotte E&C’s rising to second place in terms of winning urban renewal projects even though the contract’s ranking 8th in terms of construction capabilities is owed to the contractor’s aggressive marketing and provision of quality services.

Lotte E&C had sold about 10,000 apartment units in 15 construction sites across the nation so far this year. Lotte E&C made a splash as the contractor sold the 14th Sinbapo Apartment (LE-EL Sinbanpo) and 13th Sinbanpo Apartment (LE-EL Sinbanpo Park Avenue).

The apartment complexes, sold under the brand “LE-EL,” made a sensation. The brand “LE-EL” was a high-end residence brand launched last year.

The apartments complexes were oversubscribed with bids at a ratio of more than 100:1. Besides, the contractor sold more than 4,000 apartment units in seven sites in Seoul.

They included Sangdo Station Lotte Castle in the station area in Sangdo-dong, Gileum Station Lotte Castle in the station area in Gileum-dong, and Nowon Lotte Castle Signature in the 6th Sanggye Redevelopment Project.

Lotte E&C is expected to sell more than 10,000 apartment units in nine sites in the Seoul Metropolitan area and provincial regions in the months to come until year-end.

Attention is being paid on whether the contractor will make the best-ever achievements in terms of winning order in the urban renewal project and apartment sale sectors during the rest of the year.

Lotte E&C President Ha Seok-joo said, “Lotte E&C will devote itself to fulfilling its responsibilities as a corporate citizen that follow basics and principles through creation of social values.”

Pyeonghwa Construction Company, established in 1959, was the predecessor of Lotte E&C. In 1999, the contractor sold “LotteCastle84” in Seocho-dong, Seoul, under the brand “Lotte Castle,” the nation’s choice, premium apartment brand.

Lotte E&C dedicated the 123-floor story Lotte World Tower, the nation’s highest skyscraper, in December 2016 to showcase its technology prowess.

A view of the Lotte World Tower, Korea’s highest landmark skyscraper. (Photos: Lotte Group)