Daewoo Engineering & Construction (Daewoo E&C) Chairman Jung Won-joo has ramped up discussions with U.S. developers as the company aims to expand its real estate development footprint in North America.
Daewoo E&C announced on Monday that Chairman Jung visited New York and New Jersey from March 12 to 18, engaging in talks with key local developers and political figures to explore business collaborations.
During his trip, Jung met with representatives from major U.S. developers, including Kushner Companies, Toll Brothers City Living, and EJME, to discuss potential joint investments and development partnerships for residential projects in the New York and New Jersey areas.
He held detailed discussions with EJME, known for developments like the World Financial Center, about collaborating on new projects in Manhattan and surrounding areas.
Jung also met with Korean-American businesses such as H-Mart and Incoco to explore mixed-use development projects and joint investment opportunities in the New York and New Jersey regions.
Daewoo E&C is considering joint ventures that would combine residential and commercial facilities on prime real estate owned by these companies.
Jung’s Outreach Extended to Local Political Figures, Laying Groundwork for the Company’s North American Expansion
He met with New Jersey Assembly Vice Chair Ellen Park and State Senator Gordon Johnson to discuss potential partnerships.
During these meetings, Jung highlighted opportunities for Korean companies to participate in U.S. energy and infrastructure projects, aligning with the growing U.S.-Korea economic cooperation.
In his discussion with Vice Chair Ellen Park, Jung detailed Daewoo E&C’s residential development project in her district of Palisades Park, New Jersey.
Daewoo E&C has a strong track record in the U.S., having completed 20 real estate development projects between 1992 and 2006. These projects resulted in approximately 5,400 housing units and direct investments of around 170 million USD. A notable success was the company’s investment in the Trump World Tower project in Manhattan.
More recently, Daewoo established a New York subsidiary in June 2023 and signed a memorandum of understanding (MOU) with U.S. real estate developer Orion RE Capital for a development project in Prosper, Texas, set for 2025. These moves signal the company’s continued pursuit of real estate development and investment opportunities in the U.S.
Daewoo E&C is exploring opportunities to enter the New York and New Jersey markets not just as an investor, but as a developer and contractor. The company is working to establish a long-term development platform in the New York metropolitan area, which includes the Palisades Park residential project in New Jersey.
Jung’s eldest daughter, Jung Seo-yoon, joined him on this trip. She is set to join Daewoo’s U.S. subsidiary at the end of March and participated in meetings with major global developers and partners during the visit. This experience aimed to deepen her understanding of the North American market and expand her professional network. She is expected to play a role in business development and investment analysis for the U.S. subsidiary moving forward.
A Daewoo E&C spokesperson stated that the eastern U.S., particularly the New York area, remains a key real estate market that attracts global capital. Meanwhile, southern regions like Texas continue to grow, driven by population influx and business relocations. It plans to expand the North American development platform through strategic partnerships with local developers and investors.
