POSCO E&C Wins 526 Billion Won Seoul Apartment Remodeling Contract

POSCO E&C has secured a 526.4 billion won contract to remodel the Isu Shindonga Apartment Complex 4 in Dongjak District, Seoul, adding a major residential project to the construction company’s portfolio.

The builder was formally selected at a meeting of the apartment remodeling association held Saturday afternoon. Of the 544 votes cast, 504 supported POSCO E&C, giving the company an approval rate of 92.6 percent. The contract will be concluded through a negotiated arrangement because POSCO E&C was the only bidder for the project.

The existing complex, located at 110 Dongjak-daero 29-gil, consists of eight buildings and 912 households. Under the proposed remodeling plan, it will retain eight buildings while expanding to 1,048 households. The renewed complex is planned to include six basement levels, with its above-ground structures rising as high as 21 floors. The expansion will add 136 homes to the development.

POSCO E&C has proposed “The Sharp Isu Station El Platz” as the new name for the complex. The name combines “El,” described by the company as a Spanish article, with “Platz,” the German word for plaza. It also incorporates The Sharp, POSCO E&C’s residential brand, and highlights the development’s connection to the Isu Station area.

Plans for the remodeled complex include a fitness club, library, private study rooms and a golf practice facility. The company has also proposed a botanical garden cafe and a children’s cafe among the shared amenities for residents.

The vote gives POSCO E&C the association’s backing to move forward as the contractor on a project that will substantially enlarge and modernize an established apartment community in southern Seoul. The scale of the contract and the increase in the number of homes make the deal a significant individual construction award for the company. It also sets out a broad package of residential and community facilities rather than limiting the work to the physical addition of new homes. The planned mix covers exercise, study, leisure and family-oriented spaces within the renewed complex.

A POSCO E&C official said the company would draw on its accumulated remodeling expertise and previous successful projects to provide high-quality residential space. The project’s next steps will proceed under the association-led remodeling process and the negotiated contract resulting from the single bid.