Doosan Construction Secures $733 Million Busan Mangmi 5 Redevelopment Project

Doosan Construction has secured the construction rights for the Mangmi 5 District redevelopment project, a major urban renewal initiative in Busan's Suyeong-gu. With this contract, Doosan has surpassed 2 trillion won in new orders for the year.
 
The company announced on May 18 that it was selected as the final contractor after receiving overwhelming support from members at the general assembly of the Mangmi 5 District redevelopment association held on May 16. Doosan had set a record-high order target of 6 trillion won for this year, and this significant project in Busan is expected to accelerate its progress toward that goal.
 
The redevelopment project involves the construction of 13 residential buildings, ranging from five underground floors to 32 above-ground floors, totaling 1,800 housing units and commercial facilities. The total construction cost is approximately 733.4 billion won.
 
Mangmi-dong, where the project will be located, is recognized as a prime residential area in Busan, boasting excellent living infrastructure. It is conveniently situated near Mangmi Station on Busan Subway Line 3 and has strong connectivity to major transportation networks, including the Gwangandaegyo Bridge and the Wondong Interchange, facilitating easy access to nearby districts such as Yeonje-gu and Haeundae-gu.
 
A Doosan Construction representative stated, "We will complete the Mangmi 5 District as a landmark project that reflects the high residential preference in Suyeong-gu, and we will repay the support of our members. In the future, we will maintain a rigorous selection process for new orders while focusing on high-quality projects with proven business viability to sustain our solid growth."
 
Meanwhile, Doosan Construction's quarterly report released on May 14 indicated that the company recorded a consolidated revenue of 359.4 billion won in the first quarter of this year, a 15.3% decrease compared to the same period last year. However, operating profit surged by 263.0% to 29.9 billion won, and net profit increased by 430.7% to 22 billion won. Notably, the operating profit margin improved significantly from 1.9% in the first quarter of last year to 8.3% this year, reflecting a substantial enhancement in profitability.