In April last year, five construction companies, including GS E&C, Daebo E&C, and Dongbu E&C, were suspended from business due to the Incheon Geomdan apartment incident, and credit rating agencies downgraded their ratings and outlooks.
This, coupled with the uncertain external environment and market downturn, has raised concerns about the level of financial burden on construction companies.
GS E&C, which has been suffering from bad reputation due to poor construction, announced on February 15 that it will sell ‘Songdo Xi Scenery Granoble’, which will be built at 551-1 Songdo-dong, Yeonsu-gu, Incheon, along with Cheil E&C.
GS E&C is also facing negative perceptions of its housing brand awareness and construction capabilities, and the possibility of increased volatility in its overall housing business, including orders and sales. Last year, the company incurred an operating loss of 388.5 billion won on a consolidated basis.
Meanwhile, GS E&C is developing ‘Songdo Xi Scenery Granoble’, a project that integrates five complexes and will be the largest in Songdo’s 11th district. It will consist of 23 buildings (21 apartments and 2 office buildings), ranging from 2 basement floors to 47 floors above ground, with a total of 3,270 households, including 2,728 apartments with an exclusive area of 84 to 208 square meters and 542 office rooms with an exclusive area of 39 square meters.
Units 1 and 2 are apartments ranging from 1 basement to 29 floors above ground, with 469 households (Unit 1, RC11) and 548 households (Unit 2, RC10) respectively, while Units 3 to 5 are residential complexes with apartments and offices ranging from 2 basement to 47 floors above ground.
Songdo Xi Scenery Granoble offers a pleasant living environment with its waterfront location, which is the core of Songdo 11’s green infrastructure, and some units have permanent views of the waterfront.
The educational environment is also excellent. A kindergarten and elementary and middle schools are planned right next to the complex. In addition, Yonsei University International Campus, Incheon Global Campus (State University of New York, George Mason University, Ghent University, University of Utah), and Inha University Open Innovation Campus (Inha University Songdo Campus) are adjacent to the site.
Living infrastructure is also abundant. The 800-bed Songdo Severance Hospital (planned to open in December 2026) will be within walking distance, and large shopping facilities such as Homeplus, Hyundai Premium Outlets (Songdo), and Triple Street are also conveniently located.
Transportation is also convenient. Incheon New Port Boulevard and Songdo Bio Boulevard provide easy access to Aam-daero, which is connected to the 2nd Gyeongin Expressway, 3rd Gyeongin Expressway, and Yeongdong Expressway. Songdo Science Road provides easy access to the rest of Songdo.
There will also be a fitness club, sauna, guesthouse, daycare center, senior center, and sky lounge.
A GS E&C official said, “As this is the largest complex in the 11th Zone of Songdo International City, we will do our best to prepare the products.”
However, the success or failure of the project is expected to depend on how much people have faith in GS E&C.
