Kumho Construction is experiencing a surge in its stock price following the announcement that it has secured the Jangji Parking Lot redevelopment project in the Songpa District of Seoul.
As of 1:40 PM on July 23, the Korea Exchange reported that Kumho Construction's shares rose by 550 won (5.28%) to 10,979 won. Earlier in the day, the stock had jumped as much as 17.08% to 12,210 won.
The increase in share price is attributed to Kumho Construction being selected as the qualified bidder for the 'Jangji Parking Lot Redevelopment Project' commissioned by the Seoul Housing and Communities Corporation (SH).
Kumho Construction will carry out the project in a consortium with Dongbu Construction and Goduk General Construction, holding a 50% stake. Of the total project cost of 350.6 billion won, Kumho's expected share is approximately 175.3 billion won, which represents 8.68% of the company's revenue based on last year's consolidated figures.
This project involves the redevelopment of the Jangji Public Parking Lot in Songpa District, with plans to construct two 25-story buildings on a site between the Jangji Stream and the Gyeongin Expressway, covering a total floor area of 139,975 square meters. The development will include a new bus terminal, 658 residential units, sports facilities, and commercial spaces.
Notably, the existing outdoor bus terminal will be converted into an indoor facility to reduce environmental impacts such as noise and dust, and a park for the community will be developed on top of the parking structure.
* This article has been translated by AI.
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