Shinyang C&D wins Kangwon Land second casino, Yongin columbarium contracts

Shinyang C&D, the construction arm of Shinyang Group, is broadening its business reach after securing back-to-back contracts for Kangwon Land's second casino and a new columbarium facility in Yongin, Gyeonggi Province.

Shinyang C&D said Tuesday it had been selected as the top-ranked bidder under the comprehensive evaluation system for the Kangwon Land Second Casino Floor Construction project, tendered by the Public Procurement Service last month.

The project involves building a casino floor spanning two below-ground and four above-ground floors on the Kangwon Land site in Jeongseon-gun, Gangwon Province, along with renovations to existing tourism, accommodation and entertainment facilities. The total construction cost is about 74.1 billion won ($54.6 million), with a scheduled construction period of 23 months. Shinyang C&D will hold a 65 percent stake in the joint venture, with Seorim General Construction taking 20 percent and Daehwa Construction the remaining 15 percent.

On Oct. 27, the company also signed a construction contract with Yongin Park Foundation for the Honorstone 2 columbarium project in Yongin. The project calls for building a columbarium and neighborhood living facilities in Mohyeon-eup, Cheoin-gu, Yongin, at a construction cost of about 62 billion won. It marks Shinyang C&D's first contract for a funeral facility.

The company has also continued to win private office projects. After securing a contract in August to build a new office facility for Krafton in Seongsu-dong, it signed deals in September for a new DHK headquarters building in Pangyo's Second Techno Valley and a Ceragem Healthcare Innotown facility in Gwacheon. In the public infrastructure segment, the company also won a contract to repair sewer pipelines in Munsan and Paju.

Shinyang C&D is expanding its project portfolio by adding tourism and leisure venues and funeral facilities to its existing base of private offices, redevelopment projects and public works. The company projected its total contract wins for the year would reach around 700 billion won.

"We are gaining recognition for our construction capabilities even in specialized facilities such as casinos and columbaria, and our diversification drive is producing tangible results," said Lee Seung-min, chief executive of Shinyang C&D. "We have also moved a step closer to our goal of breaking into the top 100 in the construction capability assessment by 2027."

Meanwhile, Shinyang C&D has teamed up with Woomi Construction to build the first residential complex of "All New Champions City," a mixed-use development project. The broader development will transform the former Jeonbang and Ilshin Spinning site in Imdong, Buk-gu, Gwangju — covering about 297,000 square meters — into a complex featuring 4,315 residential units, a The Hyundai Gwangju department store and a luxury hotel.