Daewoo Engineering & Construction is accelerating its entry into the North American real estate market. The company announced today (the 6th) that Vice Chairman Jung Jin-haeng, Senior Managing Director in charge of the U.S. Development Business Jung Jeong-gil, and other executives visited Chicago and New York from October 27 to November 2 to discuss cooperation plans with prominent local developers, thereby accelerating their entry into the North American market.
During their visit to Chicago from October 27 to 30, Vice Chairman Jung and employees met with companies such as the private equity firm Equity International, major developers Sterling Bay and Farpoint, and investment asset management firm Ameritus to discuss local market trends and entry strategies.
In these discussions, Daewoo Engineering & Construction expressed its intention to play a pivotal role as an actual developer in the U.S. market, rather than just being a simple financial investor (FI). They highlighted their commitment to all stages of the process, including land acquisition, permits, groundbreaking, completion, leasing, and sales. They also introduced development projects being pursued in Korea and benefits for foreign investors, suggesting possibilities for both domestic and international collaboration.
Subsequently, Daewoo employees moved to New York on October 31 to explore cooperation plans with real estate development and investment companies such as Global Holdings, RXR, Brookfield, and FX Collaborative.
Notably, during a meeting with Scott Rechler, Chairman of RXR Group and former Chair of the New York Federal Reserve, achievements and experiences from RXR’s landmark projects, such as the Hudson Yards development in western Manhattan, the remodeling of 75 Rockefeller Plaza, and the ongoing 175 Park Avenue project in New York, were shared.
A Daewoo E&C representative stated, “This business trip by Vice Chairman Jung and the on-site team provided an opportunity to showcase Daewoo’s capabilities and determination to key industry stakeholders in the U.S. market, expanding our network and laying the foundation for speeding up real estate development projects in North America.”
They added, “Since overseas real estate development projects take a long time from planning to completion, we plan to continuously promote efforts to grow as a global construction company by establishing detailed medium- to long-term strategies rather than seeking short-term results.”