A rendering of the planned residential development in Palisades Park, New Jersey (Daewoo E&C) Daewoo Engineering & Construction is committing nearly $300 million to a residential housing project in New Jersey, marking its return to the US property market after nearly two decades as it works to build a long-term development platform in North America.The builder said Friday it will invest $291 million to build an 18-story, 540-unit apartment complex in Palisades Park, a Bergen County borough that is home to a large Korean American community. The complex will also have retail space and parking.Daewoo's US investment arm, DUSAI, will partner with New York-based developer Tamares Group. The joint venture expects to close on the site by the end of July, with construction slated to run from 2028 to 2031.The project marks Daewoo E&C's first major US real estate investment since the mid-2000s, when it took part in housing developments in Texas and New York, including Manhattan's Trump World Tower, before scaling back its North American presence.The builder re-established a local foothold by opening a New York subsidiary in 2023 and has since explored opportunities in Texas. Chairman Jung Won-ju visited Prosper, Texas, last year to sign a memorandum of understanding with Orion RE Capital on a separate mixed-use development, which the company expects to advance later this year.The investment fits into a wider strategy at Daewoo E&C to push past traditional engineering and construction contracts and move toward a recurring overseas development business, drawing on its experience with large-scale urban projects such as Starlake City in Vietnam, for which it has handled development, sales and operations."The Palisades Park venture is our first effort to bring our Korean housing expertise and Starlake City development experience to the US market," a company official said. "We intend to deepen our partnerships with local developers and expand our footprint in major overseas markets."