Namkwang Engineering & Construction (001260) is bidding for a redevelopment project under the unified residential brand "HAUSTORY," developed jointly with Kukdong Engineering & Construction. The two companies aim to differentiate themselves with a residence-focused strategy built on the motto "a home that keeps getting better while you live in it."
Namkwang said Tuesday that it is participating in the bid for the LH-participation block housing redevelopment project for Dong-a Apartment in Yonghyeon-dong, Michuhol-gu, Incheon. The project marks the first redevelopment bid since the company unified its residential brand with Kukdong Engineering & Construction under the HAUSTORY name ahead of its 80th anniversary.
The project will be the first to apply "The K-House," the future housing model pursued by HAUSTORY. Instead of competing on flashy exteriors or high-priced finishing materials, which have been spreading in the recent redevelopment market, The K-House focuses on reasonable pricing, reliable quality, and services that provide continuous management even after move-in.
The core concept is a residential platform that changes together with the resident's life, rather than "a home that is completed at the point of sale." The model introduces variable designs that allow space usage to change according to changes in family composition, and a service model is also being considered in which home appliances, furniture, and household goods are used on a subscription basis.
Kang Kyung-min, CEO of Kukdong Engineering & Construction and head of Namkwang's housing division, stressed, "In the past, once you purchased a home, that was the end of it, but future homes must continue to evolve even after move-in." He added, "A residential platform that grows in line with the resident's life is the direction that The K-House pursues."
The project site, Dong-a Apartment, is located in the area of 610-113 Yonghyeon-dong, Michuhol-gu, Incheon. Upon completion, it will be transformed into a complex of six buildings standing up to 39 stories above ground, with a total of 994 households. At the on-site briefing last month, numerous construction companies including Dongwon Development, Hanshin Engineering & Construction, Daebo Construction, Isu Construction, BS Hanyang, and IS Dongseo attended, showing high interest. Following the bid on the 9th, the contractor will be selected next month.
Kang and key executives visited the project site on Tuesday to personally inspect the location and business conditions and to discuss their bidding strategy. Starting with this project, Namkwang plans to expand the application of the HAUSTORY brand in the Seoul metropolitan area redevelopment market and to implement The K-House residential model in stages.
