Seohee Construction's New Contract Is 29% of Last Year's Revenue. It Doesn't Start for 21 Months.
A single apartment contract filed today equals 28.93% of Seohee Construction's most recent revenue. Construction starts in June 2027 — and this exact contract type has fallen through for the company before.
AI-assisted, human-reviewed sourcing. Figures are pulled programmatically from the official sources listed at the end of this article and checked by an editor before publication.
dartconstructionkoreadisclosurehousing-cooperative
Seohee Construction (KOSDAQ: 035890) filed a single-sales-contract disclosure with Korea’s Financial Supervisory Service on 21 September, 2026, for an apartment construction project in Jeonpo-dong, Busan. The confirmed contract value is 318.27 billion won — 28.93% of the company’s most recently reported annual revenue, by the filing’s own calculation.
What the filing says
| Field | Value |
|---|---|
| Counterparty | Jeonpo 1-dong Regional Housing Association |
| Confirmed contract amount | ₩318,270,000,000 |
| Most recent annual revenue (per filing) | ₩1,100,130,344,137 |
| Contract as % of revenue | 28.93% |
| Contract start date | 30 June 2027 |
| Contract end date | 29 February 2032 |
| Advance payment | None |
| Payment terms | Billed and paid every two months, based on construction progress |
We checked the revenue figure independently against our own DART-financials archive: Seohee’s FY2025 consolidated revenue was 1,100,130,344,137 won — an exact match to the number cited in today’s filing.
Why the start date matters here specifically
The counterparty is a 지역주택조합 (regional housing cooperative), a Korean development structure where residents pool funds and contract a builder before the cooperative has necessarily secured land rights, member financing, or regulatory approval to build. Construction on today’s contract is not scheduled to begin for about 21 months.
That gap matters for this company in particular because it has a documented history with this exact setup. Etoday reported that Seohee had an 88.3 billion won contract with a Changwon Jinhae-area cooperative cancelled, and a separate 76.66 billion won contract with a Yangsan cooperative also cancelled, in both cases before the projects were completed. A separate report describes Seohee losing a first-instance lawsuit last May after a Gumi-area cooperative cancelled its contract with the company and moved to a different builder.
None of that is evidence about what happens to this Busan contract. Regional-housing-cooperative deals are also common business for large Korean builders, and a signed contract is routine disclosure, not a red flag by itself. What we can say is narrower: a contract representing close to a third of last year’s revenue has been filed, and it will not begin generating work for close to two years, during which the underlying cooperative still has to complete the steps that, in this company’s own recent history, more than one similarly structured deal did not survive.
This is not investment advice. Figures are drawn from an official regulatory filing and news reports, and are presented for data-quality reporting, not as a trading signal.
Data & Verification Notes
- Data as of
- Sources
- Financial Services Commission (Republic of Korea) / DART — Corporate Disclosure Information Open API — single sales/supply contract filing, 21 September 2026 (rcept_no 20260921900063)
- Etoday (이투데이) — News reports on two prior Seohee Construction regional-housing-cooperative contract cancellations
- Cross-checks
- The 21 September DART filing lists a confirmed contract value of 318,270,000,000 won for an apartment construction project in Jeonpo-dong, Busan, with counterparty 전포1동 지역주택조합 (Jeonpo 1-dong Regional Housing Association).
- The same filing states Seohee's most recent annual revenue as 1,100,130,344,137 won and computes the contract at 28.93% of that figure. We independently cross-checked this revenue figure against our own DART-financials archive for FY2025 (consolidated): 1,100,130,344,137 won, an exact match.
- The filing's contract period runs from 30 June 2027 to 29 February 2032 — construction has not yet begun and is not scheduled to begin for roughly 21 months from the filing date.
- Etoday reported two prior Seohee Construction contracts with regional housing cooperatives that were later cancelled before completion: an 88.3 billion won Changwon Jinhae project and a 76.66 billion won Yangsan project. A separate report describes Seohee losing a first-instance lawsuit after a Gumi cooperative cancelled its contract with the company.
- Excluded figures
- Any prediction that this specific Busan contract will or will not proceed to construction. We are reporting a pattern in this company's history with this contract type, not forecasting this deal.
- Whether that cooperative has secured the financing, land rights, or member commitments that determine whether a regional-housing-cooperative project actually reaches groundbreaking — that information is not in today's filing.
- Seohee's overall order backlog or how this contract compares to other construction firms' cooperative-housing exposure — this article covers one filing.
- The down payment terms: the filing states no advance payment is involved, with billing tied to construction progress every two months once work begins.
- Instruments
- 035890.KQ
The full dataset behind these figures — every listed company, every row — is available to license. SeoulMarkets data for licence →
Not investment advice. SMarkets publishes data journalism for general information only. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security — any investment you make is at your own risk and responsibility. Figures are derived from official public data sources and may be revised by the issuing agency. Verify independently before acting.
Take this away — 5 cards
The figures in this article, as images. Free to repost with the address on them.
