Daewoo E&C faces separate construction developments in Seoul and Gadeokdo

Daewoo E&C is navigating two distinct large-scale construction projects in South Korea. In Seoul, the first site briefing for the Garak Woosung 1st Apartment reconstruction project resulted in a failed bid due to a lack of competition. Daewoo E&C was the sole participant in the briefing for the 501.9 billion won project, which aims to build 967 housing units in Songpa-gu. The reconstruction union plans to issue a second bid notice following consultations with the Songpa District Office.

Simultaneously, a Daewoo E&C-led consortium is in negotiations with the South Korean government regarding the Gadeokdo New Airport site preparation project. The consortium is requesting an increase of approximately 620 billion won to account for rising raw material and fuel costs following conflicts in the Middle East. While the Ministry of Land, Infrastructure and Transport has proposed ways to reflect realistic costs while maintaining the project schedule, a final agreement on the amount and the method of formalizing these increases—such as through a Memorandum of Understanding—has not yet been reached. The outcome of these talks may impact the scheduled commencement of priority construction works.