en.Wedoany.com Reported - South Korea's DL E&C announced on the 13th that it received a construction contract termination notice on the 11th from the Sangwon 2 District Redevelopment Association in Seongnam City, Gyeonggi Province. The terminated contract amount is approximately KRW 984.9 billion (excluding VAT), equivalent to 13.3% of its sales at the end of last year. The Sangwon 2 District project aims to redevelop the area around Sangwon-dong 3910 into a large apartment complex with up to 29 floors, comprising 43 buildings and 4,885 units.

DL E&C stated that all preparations for commencement have been completed and plans to pursue legal action through measures such as confirming its status as the contractor. The project was originally awarded to DL E&C in 2015 during its Daelim Industrial period, with the construction contract signed with the Association in 2021. The project has faced repeated obstacles due to increased construction costs, conflicts arising from brand changes, allegations of the Association's chairman receiving bribes, and physical conflicts at the construction site.

The Association held a regular general meeting on the 11th at the Yongin Elysian Learning Center (GS Construction Training Institute) in Cheoin-gu, Yongin City, Gyeonggi Province, and passed a resolution to terminate the construction contract with DL E&C. Subsequently, at an extraordinary general meeting, a proposal to select GS Construction as the new contractor failed to pass due to insufficient attendance of Association members.

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