Daewoo Engineering wins contract for Sangdo District 15 redevelopment, Dongjak-gu's largest

Daewoo Engineering & Construction has been selected as the contractor for the Sangdo District 15 redevelopment project in Dongjak-gu, Seoul, a job valued at 1.4 trillion won ($940 million). The company plans to develop the site — the largest integrated redevelopment complex in Dongjak-gu — under its high-end Summit brand, positioning it as a landmark for the area.

Daewoo Engineering & Construction announced Monday that it was chosen as the contractor at a general assembly meeting for the Sangdo District 15 housing redevelopment project, held Thursday.

The project calls for the construction of 30 residential buildings ranging from eight basement floors to 35 above-ground floors, totaling 3,207 units along with ancillary welfare and neighborhood commercial facilities, on a site near 279 Sangdo-dong, Dongjak-gu, Seoul. The construction cost, excluding value-added tax, stands at 1.44 trillion won.

Daewoo Engineering & Construction has proposed naming the complex "Sangdo Summit." To reflect its status as Dongjak-gu's largest integrated redevelopment project, the company plans to collaborate with global design firm SMDP on an exterior design inspired by the natural landscape of Guksabong, the mountain that defines the area.

The design also incorporates view-oriented features. Daewoo Engineering & Construction plans to install wide-view windows to frame vistas of the Han River, the city center, Guksabong and the interior of the complex itself.

Landscaping will also set the project apart. The company plans to minimize grade changes across the site to create a central plaza of about 15,180 square meters, delivering a level pedestrian environment throughout. A covered park to compensate for the site's topographical constraints and an 8-kilometer circular walking trail will connect the entire complex in a pedestrian-centered design.

Community facilities are planned on a large scale. Three sky community spaces — including a sky bridge — will be complemented by a 50-meter, three-lane swimming pool, an indoor park golf course and a 50-meter running track spanning two floors.

Among the project terms, Daewoo Engineering & Construction offered a guaranteed completion commitment and full project-cost financing. To facilitate smooth relocation for residents, the company proposed a loan-to-value ratio of 100 percent, with contribution payments due in full upon move-in. The company also put forward a strategy to maximize revenue from general pre-sales through the Summit brand premium.

"As one of South Korea's leading construction companies with the largest housing supply record in the country, we will draw on our accumulated redevelopment expertise to advance the project swiftly and stably, living up to the trust our association members have placed in us," a Daewoo Engineering & Construction official said. "We will mobilize the full capabilities of our organization to ensure that Sangdo District 15 — the first Summit complex in Sangdo — becomes a landmark that represents the community and a source of pride for our members."

Meanwhile, Daewoo Engineering & Construction secured approximately 2.9 trillion won in redevelopment project contracts in the first half of this year alone. Last month, the company opened the Summit Mokdong Lounge in Yangcheon-gu, Seoul, to share the value and vision of its high-end Summit brand with customers and broaden its reach. The company said it will focus on winning contracts for major redevelopment projects in Seoul, including Mokdong complexes 8, 11 and 14 and the Sinwol municipal housing project, all of which are approaching contractor selection.