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(Seoul=Yonhap Infomax) Myung Sub Byun—A fierce competition has kicked off among South Korea’s leading construction firms for the reconstruction of Jinheung Apartment in Seocho-dong, a prime site adjacent to Gangnam Station.
Industry sources report that GS Engineering & Construction Corp., Lotte Engineering & Construction Co., and Daewoo Engineering & Construction Co. are preparing bids for the high-profile redevelopment project.
According to the public notice issued by the Seocho Jinheung Apartment Reconstruction Maintenance Association on the 24th, a site briefing session for the reconstruction will be held at 14:00 KST on December 1. The bidding deadline is set for 14:00 KST on January 20, 2025.
Participating construction companies must present their redevelopment blueprints to association members during the site briefing. Only firms attending the session are eligible to submit bids, making participation a de facto declaration of intent to compete.
Upon completion, the current Jinheung Apartment complex will be transformed into five new high-rise towers, each up to 58 stories above ground and five basement levels, totaling 859 units. The project will also include community and ancillary welfare facilities. The total floor area is approximately 220,000 square meters (about 66,000 pyeong), underscoring the scale of the development.
The estimated construction cost is set at 679.6 billion won ($520 million), with a per-3.3 square meter (pyeong) cost of around 10.2 million won ($7,800). This reflects recent increases in raw material prices.
The association will conduct the tender as an open competitive bid. Notably, consortium bids are prohibited, with only single-company bids permitted. This requirement, aimed at ensuring construction accountability and delivering a premium residential complex, reflects the association’s commitment to quality, according to industry observers.
The final contractor will be selected by a vote of association members, in accordance with Seoul Metropolitan Government’s public support maintenance project guidelines and the association’s bylaws.
msbyun@yna.co.kr
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