Shindongah Construction Wins First Urban Housing Project of the Year in Anyang

Rendering of the Bisan-dong urban housing redevelopment project = Provided by Shindongah Construction — Rendering of the Bisan-dong urban housing redevelopment project [Photo = Provided by Shindongah Construction]

Shindongah Construction, which recently completed its rehabilitation process, has secured its first urban housing redevelopment project of the year in Anyang, Gyeonggi Province.

On June 2, Shindongah Construction announced that it has been selected as the contractor for the Bisan-dong urban housing redevelopment project.

The project will involve the construction of two apartment buildings with a total of 124 units, along with 12 officetel units and community facilities, covering an area in Bisan-dong, specifically at 557-7. The total project cost is estimated at 50.4 billion won.

The company plans to enhance the project's appeal by applying specialized designs from its apartment brand, 'Familie.'

Kim Se-jun, president of Shindongah Construction, stated, "We will focus our bidding capabilities on relatively larger small-scale redevelopment projects and private participation in public housing projects to achieve sustainable growth."

Shindongah Construction applied for court rehabilitation proceedings in January of last year due to liquidity issues stemming from a downturn in the construction market. However, it successfully concluded the rehabilitation process in October of the same year, finishing court management in about nine months.

Recently, the company received an A- rating from NICE D&B, a corporate credit rating agency, and a BBB- rating from the Korea Housing and Urban Guarantee Corporation, indicating improved conditions for public project bidding and guarantee issuance.

Founded in 1977, Shindongah Construction is a mid-sized construction firm known for its apartment brand 'Familie.' The company has participated in the construction of notable buildings such as the 63 Building in Yeouido and the LG Gwanghwamun Building, focusing on housing, architecture, and civil engineering projects. As of last year, it ranked 58th in construction capability evaluations.

Additionally, mid-sized construction firms are increasingly focusing on smaller projects, such as urban housing redevelopment and private participation in public housing, to recover their performance, rather than pursuing large-scale reconstruction and redevelopment projects.

* This article has been translated by AI.

LEE EUNBYEOL