Chair Jung Won-ju holds talks with developers, partners, officials in New York, New Jersey
Daewoo Engineering & Construction (Daewoo E&C) is making a significant push into the North American real estate market. Last week, Chairman Jung Won-ju met with key developers, Korean American businesses, and political figures in New York and New Jersey to explore opportunities, the company announced Monday.
From March 12th to 18th, Jung held discussions with representatives from Kushner Cos., Toll Brothers City Living, and EJME to identify potential joint investment and development prospects within the region’s residential sector, according to Daewoo E&C.
The Daewoo E&C chief discussed specific collaborations for new developments in Manhattan and surrounding areas with EJME, the developer renowned for its work on the World Financial Center (now Brookfield Place) in New York City.
Jung also engaged with Korean American businesses, including H-Mart and Incoco, to explore potential partnerships in New York and New Jersey. Daewoo E&C is considering joint development projects that would combine residential and commercial facilities on prime retail locations owned by these companies.
The Daewoo E&C leader also met with Korean American New Jersey Assemblywoman Ellen Park and Senator Gordon Johnson to discuss potential collaboration on US energy and infrastructure projects involving Korean companies, as Seoul and Washington continue to strengthen their economic ties.
During the meeting with Assemblywoman Park, Jung introduced Daewoo E&C’s residential development project in Palisades Park, located within her constituency. He requested support and cooperation to ensure the project’s smooth execution, emphasizing the importance of collaboration to benefit the local community and its infrastructure.
Daewoo E&C has a history of real estate development in the US, having completed 20 projects between 1992 and 2006, providing approximately 5,400 households with an investment of around $170 million. The company established a US office in New York in June 2023 and signed a partnership agreement with Orion RE Capital for a joint development project in Prosper, Texas.
“The eastern region of the US, centered around New York, represents a crucial real estate market attracting global capital. Southern regions, like Texas, are experiencing growth driven by population and corporate influx,” stated a Daewoo E&C official.
“We plan to expand our development project platform in North America through strategic cooperation with major local developers and partners.”
Accompanying Chairman Jung on this trip was his eldest daughter, Jung Seo-yoon, who is preparing to join Daewoo E&C’s US office by the end of the month.
By participating in meetings with key developers and partners, Jung Seo-yoon aims to build a strong network and gain a deeper understanding of the North American market. She is expected to play a vital role in expanding Daewoo E&C’s mid- to long-term business strategy, contributing to US office projects and investments in the future.
hwkan
