Samwhan wins W130.9b contract to rebuild Miho River rail bridge

Samwhan, a construction affiliate of SM Group, has won a 130.9 billion won ($89.3 million) contract to improve the Miho River bridge on the Gyeongbu Line between Jochiwon and Naepan. The company announced Tuesday it had been selected as the winning bidder for the project, which covers a section of the line running through Osong-eup in Cheongju, North Chungcheong Province. The latest award pushes Samwhan's total order backlog above 1 trillion won.

The Miho River bridge, completed in 1938, stretches 440 meters. The project calls for demolishing the existing single-track bridge and constructing a new double-track bridge on the same site.

The total construction cost is 130.9 billion won, with Samwhan holding a 70 percent stake. The company said the contract adds to a relatively stable stream of public-sector revenue and is expected to contribute to improved earnings going forward.

Samwhan has been building a track record in bridge improvement work, having previously completed the Ieon overpass project worth 25.4 billion won and the Noan bridge project worth 27.8 billion won.

The Miho River bridge contract follows a string of recent wins, including a 36.7 billion won noise barrier project in Yongin-Seoul, a 44 billion won noise barrier project in Namsa-Dongtan, a 113.7 billion won road construction project in Nongso-Gangdong and a 151.8 billion won residential complex project in Sinnae. Public-sector contracts secured over the past two years total 504.9 billion won.

The company's total order backlog now stands at 1.143 trillion won. Samwhan, which marks its 80th anniversary this year, said it will continue to pursue competitiveness in public-sector projects on the strength of its civil engineering expertise and technical capabilities.

"We are working to strengthen profitability and achieve balanced growth by advancing our own residential construction projects — including housing pre-sales in Ulsan's Bangeodong Gyeongnam Honorsville and Suwon's Seoho district — alongside civil engineering work such as bridges and roads," a company official said.