South Korea’s Ssangyong Engineering & Construction Co. said on Tuesday that it will supply 4,629 houses to the local market this year, 10 times more than its last year’s supply of 468 houses and even more than its total supply of over the past five years.

Ssangyong E&C, which graduated from court-led reorganization program in March 2015, had been out of the Korean real estate market from 2013 to 2015 due to the financial struggles. An official from the builder said it has received many orders after its business was back on track following the restructuring program.

The constructor is expected to rake in about 600 billion won ($563.6 million) in sales this year. It will start its first apartment sale in March by supplying 360 apartment houses branded as Ssangyong Yega in Gimhae, South Gyeongsang Province. In the latter half, it will sell 4,027 houses in Bupyung in Incheon, Gwangju in South Jeolla Province, Changwon in South Gyeongsang Province and Sajik in Busan.

Ssangyong E&C has been focusing on apartment remodeling business over the past few years. By winning the remodeling project for Oksu Kukdong Apratment in Seoul last year, the builder is close to achieving a remodeling order book of 10,000 apartment units. It has received cumulative remodeling orders for 9,451 houses and completed refurbishment of 974 houses so far.

By Kim Gang-rae and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]