Shin Dong-a Construction launches first self-developed project since rehabilitation, plans 590-unit complex in Namyangju

Shin Dong-a Construction is moving ahead with a self-developed residential project in Jinjeop-eup, Namyangju, Gyeonggi Province, comprising 590 units. The project marks the company's first self-developed venture since it completed rehabilitation proceedings early last year, as it plans to expand its share of self-developed projects centered on the Greater Seoul area.

The company announced Wednesday that it had acquired a roughly 28,043-square-meter site at 76-3 Yeonpyeong-ri, Jinjeop-eup, Namyangju for the residential development.

Shin Dong-a plans to build an apartment complex with two below-ground floors and up to 29 above-ground floors, totaling 590 units, along with ancillary welfare facilities. The company is targeting October next year for both the ground-breaking and pre-sale launch.

If the project proceeds as planned, projected revenue is around 350 billion won ($258 million). The development also carries significance as the first self-initiated project Shin Dong-a has pursued since exiting rehabilitation.

The company said it intends to use the Namyangju Jinjeop project as a springboard, gradually expanding self-developed projects in Greater Seoul areas where business viability has been confirmed.

Shin Dong-a has been steadily winning contracts for small-scale and urban redevelopment projects this year. Recent wins include a development project at its Yongsan headquarters building and a public housing project at the Capital Defense Command site in Dongjak-gu, followed by the Pungnap Gangbyeon Hyundai redevelopment project. In June, the company won a street-block redevelopment contract in Bisan-dong, Anyang, Gyeonggi Province, for 50.3 billion won, and in August it secured a street-block redevelopment project in Pungnap-dong, Songpa-gu, Seoul, for about 54 billion won.

"We are concentrating our capabilities on redevelopment and self-developed projects in high-value areas centered on Seoul and the Greater Seoul area," a company official said. "Namyangju Jinjeop has strong development conditions and locational competitiveness, so we will push ahead with the project in a stable manner."