บท 654: Chapter 654: I Won’t Consider It a Problem
After introducing Hong Jin-pyo to Lee Sang-geun, I began to explain the real reason for coming here today.
"Chairman Lee, who's in charge of the construction management?"
Before Lee Sang-geun could answer, someone jumped in.
"I'm in charge of the reconstruction project for the Eunmi Apartments."
It was a man in his mid-fifties, his hair slicked back neatly.
With a confident look, he maintained eye contact with me, introducing himself without pausing.
"I'm Baek Jeong-woo, the head of the housing division at Jungwoo Construction."
Once Baek Jeong-woo finished, Lee Sang-geun added some context.
"He's the one behind the newly launched apartment brand, holding the title of executive director."
As we entered the 21st century, construction companies began exploring various strategies to upscale apartments.
One of these strategies was to not just use the construction company's name but to inject brand identity.
It was about moving away from simple names like Eunmi Apartments built by Eunmi Housing or Apgujeong Daehyeon built by Daehyeon Construction.
Jungwoo Construction had previously faced a near collapse, suffering substantial damage to its name value.
Perhaps that's why they were quicker than other companies to establish an apartment brand, and that strategy yielded successful results.
I've heard about that. The commercials are everywhere on TV," I remarked.
"We invested quite a bit in advertising, but thanks to that, our brand has stuck with the consumers. It was worth the price, wasn't it?"
Was the advertising your idea as well? You seem quite capable," I added.
Just as Lee Sang-geun mentioned, Jungwoo Construction's apartment brand was becoming a hot topic among the public.
Listening to their conversation, I turned to Baek Jeong-woo, who was seated next to Lee Sang-geun.
"What do you think is the biggest issue with this construction project?"
Baek Jeong-woo hesitated to respond, casting a glance at Lee Sang-geun.
Only after Lee Sang-geun nodded in agreement did he finally speak up.
The demeanor he had shown earlier seemed more like an act to make a strong impression.
"The floor area ratio is way too low. This could significantly affect profitability. Even if we use high-end materials, it won't make a huge difference in housing prices. What if we change the construction plan and add five more buildings?"
The floor area ratio refers to the percentage of the construction area relative to the plot area.
The residential complex they planned to build in place of the Eunmi Apartments had a floor area ratio of less than 30%.
They intentionally chose to raise the volume ratio while lowering the floor area ratio.
To label it a premium residential complex, they had to pay attention to sunlight access, landscaping, and green facilities.
But Baek Jeong-woo seemed to prioritize profitability above all else.
Did this mean there was no reason to lower the floor area ratio just because the volume ratio increased?
Curious about what he wanted to say, I gave him a nod, encouraging him to continue.
"Just by adding five more buildings, we could maximize profitability. Even then, the floor area ratio would barely exceed 40%. When else will we have the chance to build such a large-scale apartment in the heart of Gangnam, Seoul? We need to increase our profits more. "
Baek Jeong-woo spoke for quite a while, laying out his thoughts.
I simply nodded along, listening without interrupting.
"The Ministry of Land, Infrastructure and Transport and the Seoul Government have also announced policies to ease the volume and floor area ratios. So, it seems wise to build more, as long as we stay within legal limits."
After finishing, Baek Jeong-woo's lips curled into a relieved smile.
It seemed he had a lot bottled up inside him. I chuckled lightly and met his gaze.
"I appreciate Executive Director Baek Jeong-woo's insights. Logically, your opinion makes sense. However, I'm not thinking about simply building apartments and making profits from selling them."
I could feel Baek Jeong-woo flinch slightly at my calm yet firm words.
After all, it was only natural to think a person involved in a sale would care about maximizing profits.
Even Lee Sang-geun had no idea why I was developing the Eunmi Apartments.
"What I plan to create is a space everyone dreams of but few can actually live in. A place that's not just expensive but offers unique characteristics hard to find anywhere else in the world. To achieve that, everything must be self-sufficient within the complex. That's the reason for changing the use of the two plots into commercial zones to create landmark buildings. The lower levels of those two buildings will be filled with convenience facilities."
To say everything must be self-sufficient means that interaction with the outside should be minimal.
It means perfectly enticing the aspirations and desires shrouded in mystery.
"And the mid-levels will be turned into private spaces exclusive for pre-booked residents and their guests. Can you imagine? A space in the heart of Seoul where you can host parties with friends, nearly impenetrable to outsiders. Exclusivity is a sort of privilege. I will attract everyone with money and power here."
The wealthy don't necessarily seek out apartments.
But that didn't matter since the consumer base I was targeting wasn't them.
As Korea's economy grew and the IT sector advanced, there were many newly wealthy individuals with means.
They desired a lifestyle completely different from regular citizens. I intended to stir their aspirations.
"Raising the floor area ratio means we'll have to cram buildings together. Like a chicken coop. That's a turn-off for the wealthy. The ones raising real estate prices aren't the masses but the wealthy few with money."
I intentionally reduced the number of units to cater to these affluent individuals' desire for rarity.
"Baek Executive Director, while you make a valid point about the rarity of such properties in Gangnam, it simply won't suffice to settle for an ordinary apartment."
Moreover, I would keep a watchful eye on every move they made, ensuring they remained under my control.
For safety's sake, I planned to install CCTV cameras all around the complex and set up means to monitor their homes as well.
This was the primary reason for demolishing the Eunmi Apartments and constructing new ones.
I intended to instill a sense of dominance in those who moved in, making them feel as if they were the ones steering Korea.
That would lure my prey—the newly wealthy and affluent individuals—drawing them in with greed.
A massive panopticon disguised as a premium residential complex. That was what I desired.
"So just follow the plans exactly. No deviations, not by a hair. It shouldn't be difficult, should it, Executive Director Baek?"
"No, of course not, Boss."
Hearing Baek Jeong-woo's response, I looked around at the other executives, including Lee Sang-geun.
"I'm not oblivious to how this industry works. I know better than anyone why the chaebols own construction companies one after another."
Construction companies were prime enterprises for creating slush funds.
They inflated construction costs, bloated material prices, and overcharged for labor…
Chaebols had created slush funds through countless means.
This led to disasters like the collapse of the Sangpoong Department Store and the Seongsu Bridge.
These days, it was less common, but that practice remained, influencing the industry.
With the higher-ups reaping the rewards, everyone below felt compelled to benefit in turn, as it became a kind of custom.
"But that's not us. There won't be any shortage of funds or external interference. You will all act in line with the name Jungwoo. Treat the lives of those working for profit lightly, and regard the safety of those purchasing our apartments in awe, and in the end, you will have nowhere to stand in the future."
Twenty years have passed, yet the practices of construction companies—no, their bad habits—haven't changed.
If anything, they'd worsened, hiring foreign labor to cut costs while raising prices for brands and housing yet lowering quality.
People even started claiming that apartments built twenty years ago were sturdier.
I had no intention of making Jungwoo Construction another one of those companies.
I would transform it into a comprehensive construction firm that could reach beyond Korea and into the world.
"So everyone here, take note. I won't permit any backdoor dealings or inflated construction costs. However, I won't pursue issues from the past."
That's what I intended to say without needing to single out Lee Sang-geun; I called for all the executives present.
"In return, I promise the best treatment in the industry. If there are any among you who don't welcome this change in Jungwoo Construction, feel free to submit your resignations at the end of this meeting."
The atmosphere among the executives fell chilled at my warning.
"If even one incident of that kind comes to light after this moment, know that it won't end with merely losing your jobs."
There was so much work ahead for Jungwoo Construction.
Not just business in Korea but also projects in Iraq, Afghanistan, and even North Korea.
No matter how closely we worked with Daehyeon Construction, Jungwoo Construction would always be at the center of everything we did.
Since they needed to align with me, just a small misstep could jeopardize everything.
As such, I aimed to cement this message firmly within everyone present.
"If you don't wish to be a negative example, you should behave accordingly. If you're curious about how I'll act, asking Chairman Lee is your best bet. Never take my warning lightly."
Anyone ignoring my warning and attempting to maintain old customs or entertain other thoughts would find themselves made an example of, stripped bare of everything.
I would force them to regurgitate their dishonest gains and face criminal accusations, subjecting them to a life worse than death, ensuring the rest remained cautious.
"Do you understand? Everyone?"
"Yes! Understood!"
The executives replied in unison, their voices echoing in the conference room, and I found it quite satisfactory.
These people, hardened by years in the industry, had impressive vocal strength.
"Oh, and I absolutely won't permit any unions."
At my statement against unions, Lee Sang-geun quickly replied.
"The number of people withdrawing from the union is on the rise already."
Even Lee Sang-geun had no rights to forcibly disband them.
Labor unions were legal in our country, and forming unions was a worker's right.
While I acknowledged that, I didn't want the unions interfering with my plans.
So, to differentiate between union and non-union workers, Lee Sang-geun was trying to guide a disbandment subtly.
"It's not that I dislike unions. They certainly have their beneficial functions. But the moment they gain too much power, it becomes problematic. I will not allow a single union activity in any of my companies."
All present were upper management; it was clear they didn't favor unions either.
"Instead, provide such great treatment that joining a union wouldn't seem necessary. If we provide sufficient welfare and salaries, they'll feel no need to form a union. Right now, we need to cement our foundation."
As long as the executives had no distracting thoughts, there was plenty of room to care for the employees.
There was no need to neglect satisfied employees and create discord unnecessarily.
"Now, everyone, remember this and head back. Only Chairman Lee will remain."
With that command, Lee Sang-geun spoke to the executives.
"Thank you all for your hard work. You may leave now."
The executives rose swiftly and bowed in respect.
Having climbed the ranks through construction sites, they all displayed a disciplined posture.
"Thank you for your hard work!"
Watching the executives start to file out while casting wary glances, Hong Jin-pyo also shifted his position slightly.
Perhaps it was due to the labor they had endured; I noticed unnecessary glances.
"Jinpyo, you should stay. Shall we move to a more comfortable spot to talk?"
I called over Hong Jin-pyo, who was sitting in the corner, positioning him to face Lee Sang-geun.
"Chairman, I briefly mentioned it before, but I plan to make this friend a professional head of the reconstruction and redevelopment projects."
"Are we nurturing a professional head for the council?"
"Yes. You know how unclean the council often is, filled with all sorts of people vying for interests. It's a swamp."
Lee Sang-geun must have understood my frustration, furrowing his brow slightly as he accepted my words.
"That's true. I experienced that firsthand when I went to the site. I had no idea it would be that chaotic. There are many proper councils operating under good heads, but those too demand compensation on the condition that they hire us to construct. That's merely the norm."
"Exactly. We can't change the norms on our own. That's why I plan to deploy this friend to key redevelopment areas."
Lee Sang-geun glanced at Hong Jin-pyo and nodded.
"For that, we should give Jin-pyo our backing. He has records of successfully operating redevelopment projects and persuading the Eunmi Apartments shopping district association, so nurturing him shouldn't be a problem."
Though I hadn't said much, Lee Sang-geun had already grasped the situation.
A sharp mind certainly makes things easier.
"There's no need to treat my old classmate too specially. If he doesn't sit well as your partner, you're welcome to let go at any time."
I could see Hong Jin-pyo stiffen slightly at my words, which had been meant for him.
He likely didn't want to be assigned tasks beyond his competence just because we had a connection.
"Jinpyo, if you don't want to waste this opportunity I'm giving you, you need to perform well. Chairman Lee is a reasonable man."
It would be up to Hong Jin-pyo's abilities to grab onto the rope I had thrown him.
But this was the last chance I was willing to extend.
Should he miss out on this opportunity, I intended never to reach out to Hong Jin-pyo again.
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