South Korea's Daewoo Engineering & Construction invests $291 million to re-enter the U.S. residential market

2026-07-03 17:22

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en.Wedoany.com Reported - Daewoo Engineering & Construction announced on the 3rd that it will invest in a residential development project in Palisades Park, New Jersey, officially resuming its U.S. residential market business after a hiatus of about 20 years.

Aerial view of the Palisades Park residential development project

Located at West Ruby Avenue in Palisades Park, Bergen County, New Jersey, the project involves the construction of an 18-story multi-family residential building with 540 units, along with parking facilities and community commercial space. The total project cost is estimated at approximately $291 million (about 437.4 billion won). The site is about a 30-minute drive from the Manhattan Central Business District in New York, within a 20-minute drive from both Newark Liberty International Airport and LaGuardia Airport, and adjacent to the New Jersey Korean Town.

Daewoo Engineering & Construction's U.S. investment entity, DUSAI, will serve as a co-developer alongside Tamarez, a local New York real estate development company. The two parties plan to finalize the joint venture agreement and land purchase by the end of this month. Following permitting and investor recruitment procedures, construction is scheduled to begin in 2028, with the project expected to be completed and operational by 2031, after which it will be sold.

Daewoo Engineering & Construction previously advanced a senior housing project in Seattle in 1988 and participated in the Trump World Tower project in Manhattan, New York, in 1997. It had not engaged in U.S. residential development for about 20 years thereafter. The company also plans to pursue a comprehensive development project targeting the high-end segment in Prosper, an emerging affluent area in Texas, in the second half of this year, encompassing top-tier residences, hotels, and offices. In September of last year, Daewoo Engineering & Construction Chairman Jeong Won-ju visited Prosper and signed a business agreement for the comprehensive development project with a local developer.

Daewoo Engineering & Construction stated that it will continue to expand development projects based on major overseas real estate markets, including the U.S., through strategic partnerships with excellent local partners, securing new growth engines as a global developer.

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