GS Engineering & Construction came close to 8 trillion won in urban redevelopment orders in the first half of this year alone. Starting with Songpa Hanyang 2nd (685.6 billion won) in January, the company secured Gaepo Woosung 6th (215.4 billion won), Seongsu District 1 (2.154 trillion won), and Busan Gwangan District 5 (970.9 billion won). Adding the construction rights for the Seongnam Sangdaewon District 2 (1.9217 trillion won) redevelopment, which is currently in legal dispute, cumulative orders reach 7.4694 trillion won. The gap with Hyundai E&C (7.6947 trillion won), the current leader in urban redevelopment orders, stands at just 225.3 billion won.
The industry expects GS Engineering & Construction to rewrite its record for the largest urban redevelopment orders this year. The company's existing record is 8.081 trillion won, set in 2015. At the current pace, the company can expect not only to achieve its order target for this year (8 trillion won) but also to break its all-time record. Together with Hyundai E&C and Samsung C&T, it is solidifying a "Big 3" structure in urban redevelopment.
GS Engineering & Construction's attention is now turning to Yeouido and Mokdong. In Yeouido, the company has set its sights on Sambu, Eunha, and Samik, and in Mokdong, on complexes 2, 4, 7, 9, and 12. Lee Sang-eui, head of GS Engineering & Construction's urban redevelopment division, stressed, "Yeouido and Mokdong carry the symbolism of creating high-rise landmarks along the Han River (Yeouido) and developing large complexes on the scale of a mini new town (Mokdong), making them key strategic locations that will lead residential trends over the next decade." Depending on results in Yeouido and Mokdong, GS Engineering & Construction's annual urban redevelopment orders this year could exceed 10 trillion won.
The company did not hide its interest in first-generation new town reconstruction. Lee said, "Reconstruction projects (for first-generation new towns) are expected to begin in earnest after next year, and we aim to secure the initiative with experience one step ahead of competitors."
GS Engineering & Construction identified this year and next as a period for strengthening its fundamentals. Following CEO Huh Yoon-hong's inauguration, the company successfully returned to profit in 2024, and last year it achieved operating profit of 437.8 billion won, entering a trajectory toward management normalization. The year 2026 is expected to be the first year of progress toward sustainable growth. Although first-quarter revenue fell nearly 30% due to the construction and real estate downturn, operating profit reached 73.5 billion won, posting a year-on-year increase and reinforcing its fundamentals.
Underpinning this is the rebranding of Xi. Launched in September 2002, Xi has positioned itself as a premium brand from the outset, differentiating itself from other builders that launched separate high-end brands, and has maintained an independent brand strategy.
Leveraging its in-house developed AI-based "defect prevention platform," the company recorded zero defect rulings for two consecutive evaluations by the Ministry of Land, Infrastructure and Transport's defect review and dispute mediation committee, achieving zero defects for a full year. It is also pursuing a strategy to expand beyond a simple residential brand into a lifestyle platform, conducting experiential pop-up campaigns in Seongsu-dong and Mokdong. Lee stressed, "There was a difficult period for a while, but we are doing business with the resolve to show results," adding, "Xi seeks to expand the standard of high-end competition from luxury that is shown to value that is experienced."
