Wedoany.com Report on Feb 26th, In an effort to revitalize the construction market and increase housing supply, the Korea Land and Housing Corporation (LH) will initiate construction-related works and service contracts worth nearly 18 trillion won this year, focusing on the third-phase new cities.
On the 25th, LH announced its housing construction contracting plan for this year, covering 1,515 projects with a total value of 17.8839 trillion won. Among these, construction projects account for 15.8222 trillion won (88%), and service projects account for 2.0617 trillion won (12%).
Contracts related to housing construction projects amount to approximately 12.05 trillion won, representing 68% of the total. The contract value for construction works is the highest at 8.7121 trillion won, while contracts for auxiliary works such as electrical, telecommunications, and firefighting systems amount to 3.3379 trillion won.
In terms of review types, the comprehensive evaluation award system (including simplified final review) has the largest scale, involving 402 projects worth 13.5198 trillion won. Qualification reviews involve 966 projects worth 3.3460 trillion won, and other types such as turnkey contracts involve 147 projects worth 1.0181 trillion won.
This housing construction contracting plan is closely aligned with the goal of large-scale public housing supply in the capital region, with a focus on the capital area and the third-phase new cities. Approximately 71% (about 12.8 trillion won) of the funds are concentrated on housing construction projects in the third-phase new cities and the capital region, including Wangsook in Namyangju, Gyeyang in Incheon, Changneung in Goyang, and Gyosan in Hanam. To support regional construction and economic development, about 5.1 trillion won (29%) is allocated to housing construction projects related to public housing and industrial complexes in regions such as Yeonho in Daegu, Tangjeong 2 in Asan, and Jangsu in North Jeolla Province.
To assist construction companies in participating in bids, LH plans to implement detailed monthly and quarterly management of the contracting schedules for major, high-profile large-scale apartment housing construction projects. It will also re-notify the main project schedules based on changes in the second half of the year.
Acting LH President Cho Kyung-sook stated, "We have formulated this housing construction contracting plan to ensure the smooth commencement of 52,000 public housing units and provide a stable volume of contracts to the sluggish construction market." She added, "Through timely contracting and strict schedule management, we will ensure that the public can tangibly experience the results of housing construction."
