Daewoo Engineering has secured a public redevelopment project in the Han River area of Cheonho-dong, Gangdong District, marking the first application of its high-end brand 'Summit' in a public redevelopment initiative.
On May 16, Daewoo Engineering was selected as the final contractor for the public redevelopment project in the A1-1 zone of Cheonho, Gangdong District, the company announced on May 18.
The project will involve the construction of eight apartment buildings, ranging from five underground floors to 40 above ground, totaling 747 units along with community facilities. The total construction cost is estimated at 372 billion won.
Daewoo Engineering emphasized the project's views of the Han River and distinctive exterior design. The complex will be named 'Summit Triver,' reflecting the three main buildings and the river view. This is the first time Daewoo Engineering has proposed its high-end brand 'Summit' for a public redevelopment project.
In terms of design, the company has partnered with the global architectural firm UNStudio, known for its design of the Mercedes-Benz Museum in Germany. The project aims to differentiate itself from nearby complexes by using curtain wall materials that reflect changes in light.
A sky lounge, offering 360-degree views at a height of 120 meters, will provide vistas of the Han River and the city. Some units will feature specialized layouts, including penthouses with river views. Additionally, a themed garden spanning approximately 6,346 square meters will be developed as part of the landscaping.
A Daewoo Engineering representative stated, "The A1-1 zone in Cheonho is symbolically significant due to its location along the Han River. We aim to create a new landmark complex in Gangdong District through differentiated design and view specialization."
Lee Eun-sang, a researcher at NH Investment & Securities, noted, "Daewoo Engineering is expected to complete several construction sites that have previously incurred high material and labor costs this year, increasing the proportion of high-margin self-developed projects. Consequently, the total gross profit from the housing sector is projected to reach 916.3 billion won in 2026, with a profit margin of 16%."
* This article has been translated by AI.
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