{"id":72911,"date":"2026-07-03T03:45:13","date_gmt":"2026-07-03T03:45:13","guid":{"rendered":"https:\/\/www.europesays.com\/korea\/72911\/"},"modified":"2026-07-03T03:45:13","modified_gmt":"2026-07-03T03:45:13","slug":"daewoo-ec-makes-us-comeback-with-new-jersey-housing-project","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/korea\/72911\/","title":{"rendered":"Daewoo E&C makes US comeback with New Jersey housing project"},"content":{"rendered":"

\"A A rendering of the planned residential development in Palisades Park, New Jersey (Daewoo E&C) <\/p>\n

Daewoo Engineering & Construction is committing nearly $300 million to a residential housing project in New Jersey, marking its return to the US property market after nearly two decades as it works to build a long-term development platform in North America.<\/p>\n

The builder said Friday it will invest $291 million to build an 18-story, 540-unit apartment complex in Palisades Park, a Bergen County borough that is home to a large Korean American community. The complex will also have retail space and parking.<\/p>\n

Daewoo’s US investment arm, DUSAI, will partner with New York-based developer Tamares Group. The joint venture expects to close on the site by the end of July, with construction slated to run from 2028 to 2031.<\/p>\n

The project marks Daewoo E&C’s first major US real estate investment since the mid-2000s, when it took part in housing developments in Texas and New York, including Manhattan’s Trump World Tower, before scaling back its North American presence.<\/p>\n

The builder re-established a local foothold by opening a New York subsidiary in 2023 and has since explored opportunities in Texas. Chairman Jung Won-ju visited Prosper, Texas, last year to sign a memorandum of understanding with Orion RE Capital on a separate mixed-use development, which the company expects to advance later this year.<\/p>\n

The investment fits into a wider strategy at Daewoo E&C to push past traditional engineering and construction contracts and move toward a recurring overseas development business, drawing on its experience with large-scale urban projects such as Starlake City in Vietnam, for which it has handled development, sales and operations.<\/p>\n

“The Palisades Park venture is our first effort to bring our Korean housing expertise and Starlake City development experience to the US market,” a company official said. “We intend to deepen our partnerships with local developers and expand our footprint in major overseas markets.”<\/p>\n

minmin@heraldcorp.com<\/p>\n","protected":false},"excerpt":{"rendered":"A rendering of the planned residential development in Palisades Park, New Jersey (Daewoo E&C) Daewoo Engineering & Construction…\n","protected":false},"author":2,"featured_media":72912,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[33944,39527,39528,171],"class_list":["post-72911","post","type-post","status-publish","format-standard","has-post-thumbnail","category-korea","tag-daewoo-ec","tag-daewoo-engineering-construction","tag-dusai","tag-korean"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/72911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=72911"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/72911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/72912"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=72911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=72911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=72911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}