Shindonga Construction wins 50.4 billion won street housing project in Anyang

Shindonga Construction announced Monday it has won a contract for a street housing redevelopment project in Bisan-dong, Anyang, Gyeonggi Province. The project, the company's first redevelopment contract this year, is valued at approximately 50.4 billion won ($33.3 million).

The small-scale redevelopment project calls for the construction of two apartment buildings comprising 124 units, 12 officetel units and ancillary facilities at 557-7 Bisan-dong.

Shindonga Construction has secured a string of small-scale redevelopment contracts in recent years across Seoul and the greater metropolitan area, including projects in Dongjak-gu and Songpa-gu in Seoul and in Goyang and Osan in Gyeonggi Province. The company plans to apply the signature design of its residential brand Familier to the Bisan-dong project as well, continuing its premium positioning strategy.

"This has become an important opportunity to raise the company's external credibility to the next level," said Kim Se-jun, president of Shindonga Construction. "Going forward, we will concentrate our contracting capabilities on small-scale redevelopment projects and public-private housing initiatives, which represent relatively larger market segments, to achieve solid and sustainable growth."

Meanwhile, Shindonga Construction recently received an A- corporate credit rating from NICE D&B, a credit rating agency. It also obtained a BBB- rating in the Korea Housing Finance Corp. (HUG) corporate credit evaluation, improving its eligibility for public project bidding and guarantee issuance.