Daewoo E&C ramps up US real estate push with key partners

Daewoo Engineering & Construction Chair Jung Won-ju bolstered the company’s push into the North American real estate market with major developers, Korean American companies and politicians in New York and New Jersey last week, the Korean builder said Monday.

According to Daewoo E&C, Jung met representatives from Kushner Cos., Toll Brothers City Living and EJME to discuss joint investment and development opportunities in the region’s residential sector during his trip to the two northeastern states from March 12 to 18.

The Daewoo E&C chief talked about specific collaboration for new developments in Manhattan and the surrounding areas with EJME, a well-known developer known for building the World Financial Center, now known as Brookfield Place, in New York City.

Jung also met with Korean American firms such as H-Mart and Incoco to explore business partnerships in New York and New Jersey, as Daewoo E&C reviews plans to jointly develop projects that combine residential and commercial facilities on key retail sites owned by these firms.

The Daewoo E&C leader also held meetings with Korean American New Jersey Assemblywoman Ellen Park and Sen. Gordon Johnson to discuss potential cooperation in the US energy and infrastructure projects involving Korean companies, as Seoul and Washington have been strengthening economic ties.

During the meeting with Park, Jung introduced Daewoo E&C’s residential development project in Palisades Park, located within her constituency, while asking for support and cooperation to seamlessly carry out the project, emphasizing the importance of collaboration to advance the local community and infrastructure.

Daewoo E&C conducted 20 real estate development projects in the US between 1992 and 2006, providing some 5,400 households while investing about $170 million. The Korean builder established a US office in New York in June 2023 and signed a partnership agreement with Orion RE Capital to jointly develop a project in Prosper, Texas.

“The eastern region of the US centered around New York is a key real estate market where capital from the globe gathers, while southern regions such as Texas is a growing market that continues to see the inflow of population and companies,” said a Daewoo E&C official.

“We plan to expand our development project platform in North America through cooperation with major local developers and partners.”

Meanwhile, Jung Seo-yoon, the eldest daughter of the Daewoo E&C chair, accompanied her father on his trip. She is gearing up to join the Korean builder’s US office by the end of this month.

Joining her father’s meetings with key developers and partners to establish a network and better understand the North American market, Jung is expected to play a key role in expanding Daewoo E&C’s mid- to long-term businesses by taking part in its US office’s projects and investments in the future.