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Dongbu Secures KRW275.6 Billion Seoul Redevelopment Contract

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Dongbu (KRX:005960) has signed a 275.6 billion won contract for the Sanggye District 2 housing redevelopment project in Seoul, according to a bourse filing on Wednesday.

The amount covers the company's 40% share of the total 689 billion won project, which involves building 2,200 apartment units across 22 towers ranging from basement 8 to 25 stories above ground.

The project, awarded by the Sanggye District 2 Housing Redevelopment Association, spans the Nowon-gu area of Seoul with a 42-month construction period from the start date.

The contract follows a joint venture agreement signed in January 2021 when Dongbu was selected as the co-developer.

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