[Thailand Forum] Daewoo E&C flags ‘K-city’ vision in Thailand push

BANGKOK — South Korean builder Daewoo Engineering & Construction seeks to expand its presence in Thailand, focusing on large-scale urban and infrastructure projects as the company moves to deepen its presence in Southeast Asia.

Addressing government and business leaders at the Ignite Thailand-Korea Business Forum in Bangkok on Monday, Han Seung, head of Daewoo E&C’s overseas business division, said the company aims to use its flagship Starlake project in Vietnam as a template for future development in Thailand.

“Starlake is a project to develop a roughly 186-hectare site in phases, and over more than two decades, we have transformed the area from a mere farmland into one of Hanoi’s most prominent emerging districts,” Han said.

The first phase of residential development, centered on high-end villas and apartments, is fully absorbed, with villas that initially sold for about 2 billion won ($1.4 million) now changing hands for 4 billion to 5 billion won, he said.

Now in its 52nd year, Daewoo E&C is one of Korea’s largest contractors, ranking third in national construction capacity. By the end of 2024, the company had booked 9.9 trillion won in new orders, while posting 10.5 trillion won in revenue and 400 billion won in operating profit.

Han said the firm has accelerated its overseas expansion since joining Jungheung Group in 2022. Its network spans Africa, the Middle East, Asia and North America, with 17 overseas branches and 10 subsidiaries. Recent wins include a nuclear power project in the Czech Republic and a roughly 1 trillion won mineral fertilizer plant in Turkmenistan.

He also highlighted Daewoo E&C’s capacity for large, multiphase developments, citing projects such as a multifamily housing complex in New Jersey in the United States and a 1,400-unit housing development near Jakarta, Indonesia. The firm has maintained operations in Nigeria for more than four decades, he added.

Building on these global portfolios, Han said the company aims to introduce a Korean-style city model in Thailand.

“As Starlake shows, Daewoo E&C has the full suite of capabilities required of a comprehensive developer, from planning and investment to financing and construction management,” he said. “We hope to bring that model to Thailand, offering a new ‘K-City’ concept that blends Korean medical, education and cultural services, while tapping our investor network.”

Monday’s remarks follow comments by Daewoo E&C Chair Jung Won-ju at the Korea-Thai forum’s Seoul edition in April, where he voiced hopes of building a Korea Town in Thailand and called for deeper collaboration in roads, railways, urban development and smart infrastructure.

“We look forward to expanding our partnership with Thai companies,” Han said.