A consortium, led by POSCO E&C, has been selected as the contractor to remodel “Seongwon Towol Grand Town” in Changwon, Gyeongsangnam-do, on Oct. 15.
The latest project has brought to more than 3 trillion won the industry’s best-ever annual achievement, cumulative remodeling orders POSCO E&C has earned so far this year.
Twenty-eight years have passed since Seongwon Towol Grand Town, located in Seongsan-gu, Changwon City, was dedicated in 1994.
A consortium consisting of POSCO E&C, Hyundai E&C, Hyundai Engineering and Kolon Global, will be engaged in remodeling the existing 42 25-floor apartment buildings with a combined 6,254 units into 43 36-floor apartment buildings with a combined 7,136 units through horizontal and other expansion.
The new 884 units will be sold via a public lottery. The project will cost about 2.36 trillion won, the nation’s biggest-ever remodeling project.
The consortium, dubbed “Grand Business Group,” has proposed diverse specialized designs, including its exclusive brand “GRAND36.”
The project will realize magnificent outside design features, such as “Golden Gate,” “Blue Gate,” “Open Gate,” “Grand Sky Bridge,” and aesthetic side walls.
The existing ground parking lots will be turned into “Grand Theme Gardens” under the conception “Grand Arte” (Artistic Works of the Nature).
The exiting two-floor underground parking lots will be changed into four-floor underground ones, so parking conditions will be improved with the number of cars each household can park to 1.31 units, up from the current 0.6 units.
The consortium has also proposed unprecedented community facilities, such as a grand cinema, swimming pool, golf range, sauna, fitness center, multi-purpose courts, community hall and “Sky Community.”
With the landing of the latest project, POSCO E&C has won 32 orders worth a combined 30,469 units.
Earlier, the contractor landed the Shinbanpo Cheoggu Apartment, Myeongil Jungang Heights Apartment and Jamsil Hyundai Apartment Remodeling Projects.
A POSCO E&C official said, “The remodel project is required to possess sophisticated technologies and experiences ranging from design to licenses and permits to construction, unlike new construction and reconstruction.”
POSCO E&C will transform the apartment complex into a top-level landmark one by making the most of the expertise the contractor has accumulated while implementing projects, the official said.
POSCO E&C Sees Business in China Decline and but Rise in Central and Latin America
POSCO E&C has witnessed a change in the portion of each country’s business. The contractor saw the portion of the business in Chia halve compared to four years ago, but the portion of the business in Central and South America surge three times.
Last year, POSCO E&C landed a thermal power plant project in Panama. As a handful of mega projects are in store, the contractor will likely see the portion of the business in the Central and South American region rise for the time being.
According to an electronic filing, submitted to the Financial Supervisory Service (FSS), POSCO E&C posted 269.5 billion won in sales in the Central and South American region in the first half of this year. The figure presents a 19-fold jump over 14 billion won in the same period of last year.
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