Hanwha Engineering & Construction

What Hanwha Engineering & Construction does

Hanwha Corporation E&C Division, headquartered in Seoul and operating since 1967 (under the current Hanwha brand since the 1996 M&A), is the construction arm of South Korea's seventh-largest conglomerate, Hanwha Group. It operates four core business segments — Commercial Construction, Residential Construction, Infrastructure, and Complex Development — delivering commercial buildings, hotels, resorts, data centers, premium residential developments, roads, bridges, water treatment facilities, and large-scale mixed-use urban redevelopments.

The company executes projects through a Design-Build delivery model supported by Building Information Modeling (BIM) and proprietary construction methods including the Space Frame technique, Sandwich Plate System (SPS), Lead Rubber Bearing seismic technology (rated to 7.0-7.5 magnitude), and in-house Precast Concrete (PC) production. It maintains the world's largest Precast Concrete plant and operates ISO 9001 (since 2003), ISO 45001, and ISO 14001-certified management systems. Its landmark projects include the $10.1B New Bismayah City in Iraq (100,080 residential units), the Guinness-certified 51,000-seat Philippine Arena, the 1.8 trillion KRW Inspire Entertainment Resort in Incheon, the $800M Seoul-Busan Highway Expansion, and Seoul's Galleria Forêt luxury high-rise. The premium residential brand FORENA, launched in 2019, integrates AI/IoT smart-home features such as the EV Air Station and face-recognition lobby phone.

Revenue is generated primarily through one-time construction contracts secured via competitive bidding with governments and corporations, supplemented by direct-to-consumer sales of premium residential units under FORENA. The customer mix is dominated by government/public-sector clients (Iraqi government, Korean public agencies) and large enterprise anchors (Mohegan Group, Kakao, Samsung SDS, KEPCO, LG Electronics, Equinor). The company completed a merger with Hanwha Corp. in November 2022, consolidating the construction division under the parent corporation and leveraging Hanwha Group's 776 global network affiliates to bid on and finance mega-projects across the Middle East, Southeast Asia, East Asia, North America, and North Africa.

Name

Hanwha Engineering & Construction

Legal name

Hanwha Corporation E&C Division

Website

https://hwenc.com

Company type

Private

Founded year

1967

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hanwha Corporation E&C Division is the construction arm of South Korea's Hanwha Group, delivering commercial buildings, premium residential (FORENA), infrastructure, and complex development projects worldwide through proprietary Design-Build methods and mega-project execution capabilities for government and enterprise clients.

Ownership category

akta.pro rank

Product category

Construction & Engineering Services

NAICS

Commercial and Institutional Building Construction (236220), Residential Building Construction (2361), Heavy and Civil Engineering Construction (237), Construction of Buildings (236)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), Operative Builders (1531), General Bldg Contractors - Residential Bldgs (1520), Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Office & Corporate Building Construction (IMAFACAA)

akta.pro secondary industries

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE), Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks) (EUAEADAG)

Keywords

• Construction services
• Civil engineering
• Infrastructure development
• Residential construction
• Commercial construction

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Construction Contracts: Revenue generated from large-scale construction projects including commercial buildings, residential complexes, infrastructure projects, and city development. Projects are typically one-time contracts secured through competitive bidding or direct negotiation with governments and corporations.
2. Residential Property Sales: Direct sales of residential units to individual consumers through the company's premium residential brand FORENA, including apartments, studio apartments, and mixed-use buildings.
3. Infrastructure Public-Private Projects: Revenue from public infrastructure projects including roads, highways, bridges, railways, water treatment facilities, and environmental projects under government contracts.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Hanwha Engineering & Construction (operating as Hanwha Corporation E&C Division) is a large-scale construction and engineering company executing commercial buildings, residential complexes, infrastructure (roads, bridges, water treatment), and complex urban development projects. It is best known for landmark projects such as the New Bismayah City in Iraq, the Philippine Arena, the Inspire Entertainment Resort in Incheon, and the premium FORENA residential brand. The company also develops proprietary construction technologies including Design-Build, BIM, precast concrete, seismic isolation systems, and digital construction management tools.

Product overview

Hanwha Corporation E&C Division operates as a comprehensive construction conglomerate offering four core business segments: Commercial Construction, Residential Construction, Infrastructure, and Complex Development. The company's portfolio includes major landmark projects such as New Bismayah City (Iraq's largest city development), Philippine Arena (world's largest domed arena), Inspire Entertainment Resort (Northeast Asia's largest entertainment hub), Seoul-Busan Highway expansion, and Galleria Forêt (Korea's most expensive residential building). The Residential segment features FORENA, a premium brand launched in 2019 incorporating AI and IoT connectivity for smart living, supported by digital tools like the Hi-Note construction management system and Hanwha Safety Eagle Eye mobile safety application. Infrastructure projects span water treatment, renewable energy, roads, railways, and bridges. Complex Development encompasses urban redevelopment and new city development domestically and internationally.

Differentiator

Problem solved

Functional benefit

Brands

• FORENA: Premium residential brand launched in 2019, meaning 'connection' in Swedish. Represents a new form of residential living space where people are connected to their living environment with AI and IoT connectivity features.
• FORENA

Products and services

• FORENA Premium Residential Brand FORENA is Hanwha's premium residential sub-brand offering high-end apartments and studio apartments sold directly to individual homebuyers, with smart home features including AI/IoT connectivity, EV charging stations (FORENA EV Air Station), and smart face recognition lobby phones.
• Commercial Construction Services Full-service commercial construction including intelligent buildings, luxury hotels, medical centers, sports facilities, data centers (e.g., Ansan Kakao Data Center), and arenas. Services span from design through construction to post-management for corporate and government clients.
• Infrastructure Construction Services Public and private infrastructure construction including roads, highways, railways, bridges, tunnels, water treatment facilities, and resource recycling projects (e.g., Seoul-Busan Highway expansion, Shinan-Ui offshore wind power project).
• Complex Development Services Large-scale mixed-use development integrating residential, commercial, cultural, leisure, and public amenities, including urban redevelopment and new city development projects (e.g., New Bismayah City, Seoul Station Northern District Development).
• Hanwha Safety Eagle Eye (HS2E) Mobile safety management application used on construction sites to measure, assess, and identify potential accidents in real-time so risks can be mitigated before they occur.
• Hi-Note Smart Construction Management System Digital construction management system developed in 2024 to support project management and construction monitoring on Hanwha E&C sites.

Quantifiable outcome

• Philippine Arena - World's largest multi-purpose domed arena with 51,000 seat capacity recorded in Guinness Book of World Records
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature8 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• Korea Electric Power CorporationcoreStrategic or Co-development Partner · 1 January 2025Signed a business agreement for establishment of a DC (Direct Current) based data center with Korea Electric Power Corporation and LG Electronics in 2025.
• LG ElectronicscoreTechnology or Integration · 1 January 2025Signed a business agreement for establishment of a DC (Direct Current) based data center with Korea Electric Power Corporation and LG Electronics in 2025.
• EquinorcoreStrategic or Co-development Partner · 1 January 2022Norwegian state-owned energy company. Hanwha signed a joint development agreement for offshore wind power with Equinor. In 2023, commenced detailed design for the Shinan-Ui offshore wind power project (400MW, 2.5 trillion KRW).
• Mohegan GroupflagshipStrategic or Co-development Partner · 1 May 2019Mohegan Group is the resort operator and developer representing North America, and Inspire Entertainment Resort is the first resort that Mohegan Group opened in Northeast Asia. Hanwha Corporation E&C Division won the independent construction contract for the first construction step of the INSPIRE Entertainment Resort project and successfully completed the project. The resort features unique spaces and various indoor and outdoor contents.
• Suez Lyonnaise des EauxminorStrategic or Co-development Partner · 1 January 1999France's Suez Lyonnaise des Eaux partnered with Hanwha to jointly enter the water treatment business in 1999.
• ChildFund KoreaminorOthersJointly running the 'Little Master Architects' program to give young people exposure to architecture and engineering careers.
• Seoul Arts CenterminorGTM or Marketing PartnerLong-standing partnership with Seoul Arts Center, praised as an exemplary case of shared growth and partnership between a business corporation and the culture & arts community.

Scale indicators18 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• DL E&C: DL E&C is a mid-to-large Korean general contractor active in residential (e-Pyeonhansesang brand), commercial, and SOC projects. Competes for similar public infrastructure and apartment complex tenders in Korea.
• Hyundai Engineering & Construction: Hyundai E&C is the closest Korean general construction peer, competing head-to-head for mega-projects, residential (Hyundai Hometown brand), infrastructure, and overseas city development. Both are chaebol-backed general contractors with overlapping bid lists domestically and in MENA.
• POSCO E&C: POSCO E&C is a Korean contractor with strong capabilities in steel-intensive construction, high-rise residential (The Sharp brand), and urban redevelopment, directly comparable to Hanwha E&C's commercial and residential focus.
• Samsung C&T (Engineering & Construction): Samsung C&T's Engineering & Construction group competes directly in commercial high-rise, data center, residential, and overseas EPC tenders. Comparable scale, chaebol backing, and global footprint make it a primary competitor for flagship projects.
• GS Engineering & Construction: GS E&C is a leading Korean general contractor with parallel business in residential (Xi brand), oil & gas EPC, and infrastructure. Direct competitor in domestic housing and major public infrastructure bids.
• Daewoo Engineering & Construction: Daewoo E&C is a major Korean general contractor active in domestic residential, commercial, civil infrastructure, and overseas projects (notably Middle East). Direct peer in commercial and civil construction.
• SK Ecoplant: SK Ecoplant (formerly SK Engineering & Construction) is a peer in infrastructure, plant, and increasingly green construction/environmental projects, directly comparable to Hanwha E&C's renewable and ESG positioning.

Regional players

• Hyundai Development Company: Korean construction and residential developer with comparable focus on premium apartment brands and urban redevelopment; competes with FORENA in Korean housing market.

Broad incumbents

• China State Construction Engineering Corporation: World's largest construction company by revenue, active in the same mega-project and overseas city development categories. While primarily China-focused, it represents the broader incumbent class of state-backed global contractors Hanwha E&C competes against for Belt-and-Road style international projects.
• Shimizu Corporation: Major Japanese general contractor with comparable capabilities in commercial, civil, and overseas projects. Adjacent incumbent in Asian mega-project construction with similar Design-Build and seismic technology heritage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCYjfgiex4aTgDgcn0zsU-MA
• Instagraminstagram.com/hanwha_enc
• Xx.com/hanwhaenc
• LinkedInlinkedin.com/company/hanwha-saudi-contracting-co-ltd

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hanwha Engineering & Construction