DL E&C has unveiled its proposal for the Apgujeong District 5 redevelopment project in Seoul, pitching a fixed construction price and aggressive financing terms under its high-end ACRO brand as it steps up its bid to win the contract.
The company said April 23 it is offering the “ACRO Apgujeong” plan for the project in Gangnam-gu. The complex would span six basement levels to 68 stories above ground across eight buildings, with 1,397 households. The site is considered the largest redevelopment project in the broader Apgujeong area.
DL E&C proposed a fixed construction cost of 11.39 million won per 3.3 square meters. The company said that is more than 1 million won lower than the association’s planned cost, and that the builder would absorb additional expenses tied to inflation. The move is aimed at reducing uncertainty as disputes over construction costs have spread across the redevelopment market.
The financing package includes a loan-to-value ratio of 150% for relocation loans, and a deferral of members’ payments for up to seven years after move-in. DL E&C also proposed a 57-month construction period, four months shorter than Apgujeong District 2, in a bid to reduce financing costs.
To strengthen profitability in a district with limited general-sale units, DL E&C emphasized maximizing retail revenue. It said it would expand retail space by 1,696 pyeong to a total of 5,069 pyeong and cover the full construction cost for the retail portion. The company projected that retail sales profit per association member would rise by about 660 million won.
DL E&C also said it would increase total usable residential area by 1,535 pyeong to enhance asset value.
A DL E&C official said, “Apgujeong is a symbolic area at the pinnacle of high-end housing in Korea,” adding, “We have concentrated all of the company’s capabilities to deliver a top-level complex.” The official said the company presented “terms rarely seen” centered on fixed conditions that minimize members’ burdens and project risk, and pledged to complete Apgujeong District 5 as “Korea’s best high-end residential complex.”
Apgujeong District 5 is currently in the process of selecting a builder. DL E&C said it plans to present additional product design proposals following the release of its business terms.
* This article has been translated by AI.
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