GS E&C, preparing domestic and overseas ‘wooden modular house’ business through its subsidiary
GS E&C has been established as a top-ranking company in Korea since its foundation in 1969 through tremendous growth in its architecture, civil engineering, housing, plant, environment and power plant divisions.
It is reported that GS E&C is considering entering the Korean wooden housing market via its new subsidiary ‘Xigeist’ established in August last year. The focus would be on multi-family houses and row houses (villas). The existing flagship high-rise apartment group (condos) would be excluded due to codes. In addition, it is also considering entering the lodging sector.
GS E&C reportedly intends to target row houses (4 stories or less, over 660m2) and multi-family houses (4 stories or less, 660m2 or less).
In January of last year, GS E&C acquired British steel modular company Elements and Polish wooden modular housing firm Danwood. Danwood manufactures wooden houses with modular elements from design to construction in Europe and the UK. It produces 2,500 wooden houses per year.
If GS E&C enters the domestic wooden housing market with its subsidiary Xigeist, it is expected to overcome its lack of experience through collaboration with Danwood.
A construction manager of Xigeist has enrolled in the Canada Wood Korea’s association-based training course and HOT-2000 Energy Simulation program and is receiving training to secure technical familiarity on wooden houses.