Samhwan Corporation, a subsidiary of SM Group, has secured a contract worth 1.3 trillion won for the renovation of the Mihocheon Bridge. The company has been expanding its public infrastructure projects, with its order backlog surpassing 1 trillion won.
On July 28, SM Group announced that Samhwan Corporation was selected as the winning bidder for the renovation of the Mihocheon Bridge, located on the Gyeongbu Line between Jochiwon and Naepan in Cheongju, North Chungcheong Province.
This project involves the demolition of the existing single-track Mihocheon Bridge, which was completed in 1938 and spans 440 meters, and the construction of a new double-track bridge. The total project cost is 1.3 trillion won, with Samhwan Corporation holding a 70% stake.
The company anticipates that securing additional public contracts, which offer relatively stable revenue, will positively impact its future performance. As infrastructure improvement projects for aging bridges and roads expand, Samhwan Corporation's expertise in civil engineering has also gained attention.
In recent years, Samhwan Corporation has undertaken various public projects, including the renovation of the Leeon Bridge (254 billion won), the Noan Bridge (278 billion won), noise barriers in Yongin-Seoul (367 billion won), noise barriers in Namsa-Dongtan (440 billion won), road construction in Nongsogangdong (1.137 trillion won), and the Shinnae apartment complex (1.518 trillion won).
Including the Mihocheon Bridge project, the total value of public contracts awarded to Samhwan Corporation over the past two years has reached 504.9 billion won. The overall order backlog has also exceeded 1.143 trillion won.
In addition to civil engineering projects, the company is pursuing its own housing developments, including the Gyeongnam Honorsville in Ulsan and the Seoho District in Suwon.
A representative from Samhwan Corporation stated, "We are pursuing balanced growth in profitability by simultaneously engaging in civil engineering projects and our own construction projects, such as housing sales. We will continue to manage our operations with a focus on revenue stability while responding to changes and risks in the construction industry."
SM Group's construction division comprises 12 subsidiaries, including Kyungnam Construction, Dong-A Construction Industry, Samhwan Corporation, Woobang, Samra, TK Chemical Construction Division, SM Shipping Construction Division, Taegil General Construction, SM High Plus Construction Division, SM Heavy Industries Construction Division, Handuk Iron and Steel Industry Construction Division, and STX Construction.
* This article has been translated by AI.
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