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Daewoo E&C Wins KRW529.2 Billion Urban Housing Redevelopment Project

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Daewoo Engineering & Construction (KRX:047040) secured the Shinimun station area long-term Jeonse housing urban redevelopment project from Daishin Asset Trust, according to a Thursday filing with the Korea Exchange.

Under the project, valued at 529.2 billion won, the company will build seven apartment buildings with four basement levels and 40 above-ground floors, comprising 1,200 apartment units and ancillary facilities, the filing said.

The contract value, duration, and other terms may be adjusted in accordance with the construction agreement.

Shares of Daewoo Engineering & Construction fell nearly 7% at market close.

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