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Photo courtesy of Daewoo Engineering & Construction |
[Alpha Biz= Kim Jisun] The consortium led by Daewoo Engineering & Construction (Daewoo E&C), responsible for the site development of Gadeok New Airport, has revealed the composition and shareholding of participating companies. The new lineup replaces the previous consortium members Hyundai Engineering & Construction and POSCO E&C, who withdrew from the project, with Daewoo E&C, Hanwha Construction, Lotte Construction, and HJ Heavy Industries joining the effort.
According to industry sources on the 13th, Daewoo E&C, as the lead contractor, is expected to hold the largest stake at 38%, up 20 percentage points from the 18% it held in the prior Hyundai-led consortium, strengthening its position as the consortium leader.
With POSCO E&C (13.5%), previously the third-largest shareholder, also stepping out, new entrants Hanwha Construction (11%), Lotte Construction (10%), and HJ Heavy Industries (5%) have filled the gaps. Notably, Busan-based HJ Heavy Industries will hold the fourth-largest stake in the consortium. Lotte Construction’s participation is still under internal review.
Compared with the previous consortium, mid-sized construction firms such as KCC Construction, Hyosung Heavy Industries, and HL D&I Halla have withdrawn, while Jungheung Construction has joined, partially replacing these exits. Ssangyong Construction, Kolon Global, Dongbu Construction, Kumho Construction, and BS Hanyang are expected to maintain their 4% stakes as before.
Fifteen local construction companies from the Busan and Gyeongnam region will participate, collectively holding a 12% stake—1 percentage point higher than the previous consortium’s regional allocation. Among them, Busan Construction Support holds the largest local stake at 2%, followed by Heungwoo Construction at 1.5%. Dongwon Development, Sammi Construction (1% each), and Kyungdong Construction, Daesung Moon, Yeongdong, Dongsung Industry, and Taerim General Construction (0.5% each) are also expected to participate. Dong-A Geological and Hyeopseong General Construction, who were part of the Hyundai consortium, will not join this time.
In Gyeongnam, Jungwoo Development and Dae-A Construction will hold 1% stakes each, while Daechang Construction, Daeji General Construction, SH C&D, and Denver Korea ENC will hold 0.5% each. Daejeo Construction, Gyeongnam’s second-largest firm currently undergoing corporate rehabilitation, has been excluded.
On the 13th, Daewoo E&C hosted a consortium operations meeting with participating companies to explain the proposed shareholding distribution. The finalized list of consortium members and shares is expected to be submitted to the Public Procurement Service (PPS) for prequalification (PQ) by February 16. Changes in participation or shareholding remain possible during this process. A site briefing for qualified bidders is scheduled for February 29.
The Gadeokdo New Airport Construction Corporation, a Ministry of Land, Infrastructure and Transport-affiliated agency, stated in a recent briefing that it plans to select the eligible design-build contractor by August following the completion of basic designs, and sign contracts for priority construction sections in the second half of the year. Land acquisition will begin in February, with temporary relocations commencing in April.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
