Daewoo Engineering & Construction Chairman Chung Won-ju visited New York and New Jersey to discuss cooperation with major local developers and political figures as part of efforts to expand the company's North American real estate development business.
Daewoo E&C said Wednesday that Chung met with representatives from Kushner Companies, Toll Brothers City Living and EJME from May 12 to 18 to discuss joint investment and development cooperation in residential projects in the New York and New Jersey areas.
Specifically, Chung held detailed discussions with EJME, a developer with a global track record including the World Financial Center, on collaboration for new development projects in Manhattan and surrounding areas. Chung also met with Korean-American companies including H-Mart and Incoco to discuss mixed-use development projects and joint investment opportunities in New York and New Jersey. Daewoo E&C is reviewing plans to jointly pursue mixed-use projects combining residential and commercial facilities on key commercial zones and development sites owned by these companies.
During the visit, Chung also met with New Jersey Assembly Deputy Speaker Ellen Park and New Jersey State Senator Gordon Johnson to exchange views on opportunities for Korean companies to participate in energy and infrastructure sectors in the United States.
In his meeting with Deputy Speaker Park, Chung explained a residential development project that Daewoo E&C is pursuing in Palisades Park, New Jersey, which falls within her district. He also discussed the need for cooperation in community development and infrastructure improvement, and requested Park's interest and support for smooth project execution.
Daewoo E&C is actively exploring the possibility of entering the New York and New Jersey markets not merely as an investor but as a developer and builder. The company is also pursuing the establishment of a mid-to-long-term development platform in the New York metropolitan area, including the residential development project underway in Palisades Park, New Jersey. Notably, Chung's eldest daughter, Chung Seo-yun, accompanied him on the trip. Chung Seo-yun is set to join Daewoo E&C's U.S. subsidiary at the end of March.
Daewoo E&C has prior experience in the U.S. market, having carried out 20 real estate development projects from 1992 to 2006, developing approximately 5,400 housing units and directly investing around $170 million. The company notably achieved significant results through its investment in the Trump World Tower project in Manhattan, New York.
"We plan to expand our development business platform in North America through cooperation with prominent local developers and partners," a Daewoo E&C official said.