[Edaily Reporter Kim Hyung-il ] Seohan ( Seohan(011370)), a company whose core business is residential construction—including apartments—has secured a contract worth 218.4 billion won for the construction of a new apartment complex in Ulsan. The value of this contract exceeds one-third of Seohan’s annual revenue from last year.
Seohan CI. (Photo courtesy of Seohan)
According to the Financial Supervisory Service’s electronic disclosure system on the 8th, Seohan signed a contract with Daum PFV for the construction of a multi-unit housing complex in the Hwajeong 1 District of Ulsan. The contract value is 218.41398 billion won, which accounts for 33.86% of Seohan’s projected 2025 consolidated revenue of 645.11447 billion won.
The construction site is located at 12-6 Hwajeong-dong, Dong-gu, Ulsan Metropolitan City. The contract period runs from November 1 of this year to October 2, 2029—approximately 35 months. However, the construction period may be subject to slight changes depending on the actual start date.
This project involves the new construction of apartment complexes in the Hwajeong 1 District, with Seohan serving as the general contractor. The contracting party, Hwajeong 1 District Daum PFV, is a project finance vehicle (PFV) established specifically for this project.
Payment for the construction work will be made in cash once a month, with no down payment or advance payment required. Accordingly, revenue and cash inflows are expected to occur in line with the progress of the project after construction begins.
The contract amount excludes value-added tax (VAT). Compared to Seohan’s revenue last year, this is a major contract worth approximately 34 percent of that figure. Given the nature of the construction industry, with the project duration spanning about three years, the contract is expected to be reflected in future earnings on a phased basis.
This contract is particularly significant as it increases Seohan’s order backlog in the housing sector, as the company has recently been pursuing an expansion of its construction orders, including those in the housing sector.
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