Elements Europe, a subsidiary of GS E&C, has successfully completed its contract for the Camp Hill project in Birmingham, UK. This project, which involves the construction of rental ho
using and commercial facilities using a steel module method, is the largest modular rental housing project in the UK. The project consists of six buildings ranging from 3 to 26 floors, with a total of 550 units. The contract is valued at approximately 210 billion won ($165 million). Elements Europe will be responsible for the construction tasks, including the production and installation of rental housing and commercial facilities using steel modules. The project is expected to be completed in the first half of 2026.
Elements Europe secured the Camp Hill project as part of a Build-to-Rent (BTR) operation by Goodstone Living, a specialist developer in the UK. The project involves the redevelopment of downtown Birmingham and upon completion, the property will be leased. The project site is located about 1.6 km from the city center of Birmingham. This project showcases the growing trend of modular construction in the housing industry, offering a more efficient and sustainable approach to building.
In other news, NH Investment & Securities has raised its target price (TP) for POSCO Future M to W560,000 while downgrading its rating to Hold. The increase in TP is due to a change in valuation method, reflecting the rise in mid/long-term supply contracts for the company. However, the rating downgrade is based on the limited upside potential. NH Investment & Securities believes that a DCF valuation method, which takes into account changes in the company's business environment, is more accurate than EV/EBITDA. The fair market cap is estimated to be W44tn with a TP of W560,000. This corresponds to a 2025F EV/EBITDA of 35x, a premium compared to competitors and the industry average.