Hyundai E&C shares rally after nabbing $1.55 bn Hannam housing project in Seoul

2020.06.22 14:28:49 | 2020.06.22 15:35:55

[Photo by Kim Ho-young]이미지 확대

[Photo by Kim Ho-young]

Shares of Hyundai Engineering & Construction Co. surged more than 15 percent on Monday after winning the mega development project in Hannam-dong, central Seoul worth 1.88 trillion won ($1.55 billion).

The stock rose to as high as 41,900 won in early Monday trading before closing the day at 35,800 won, up 7.51 percent from the previous session.

The South Korean builder won 1,409 votes, elbowing out Daelim Industrial Co. by 151 votes, the Hannam redevelopment committee announced Sunday.

이미지 확대
The Hannam 3 district is the country’s largest urban development project to date, with an estimated total cost of 7 trillion won and construction cost of 1.88 trillion won. Hyundai E&C would be in charge of build housing for 5,816 households and adjacent convenience facilities.

By Kim Hyo-jin

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