Seoul’s top redevelopment districts — Apgujeong, Yeouido, Mok-dong and Seongsu — are moving into full-scale contractor selection. Known collectively as “Ap-Ye-Mok-Seong,” the areas sit along the Han River and major residential corridors, making them a focal point for builders’ brand competition.
As of May 5, the industry said 12 key projects in these districts have either selected a builder this year or are preparing to do so: Apgujeong Districts 3, 4 and 5; Yeouido’s Sibeom Apartments; Mok-dong Complexes 5, 6, 10 and 14; and Seongsu Strategic Redevelopment Zones 1, 2, 3 and 4. Combined, the projects are estimated at about 26 trillion won and more than 35,000 households.
In Apgujeong, the contests for Districts 3, 4 and 5 are reaching a May turning point. Hyundai Engineering & Construction has been named preferred bidder for Apgujeong District 3, a project to rebuild 3,934 existing households into 5,175. The construction cost proposed by the association alone totals 5.561 trillion won. Hyundai secured preferred-bidder status after two solo bids led to a shift toward a negotiated contract, though the final builder must still be approved at a members’ meeting.
Apgujeong District 4 is increasingly likely to move to a negotiated contract after Samsung C&T submitted the only bid. The project, covering the area around 481 Apgujeong-dong in Gangnam-gu, carries construction costs in the 2.1 trillion won range. Samsung C&T is highlighting cooperation with British design firm Foster + Partners and a financing partnership framework.
Apgujeong District 5 has shaped up as a head-to-head between Hyundai Engineering & Construction and DL E&C, with the project cited at about 1.5 trillion won. Hyundai is emphasizing its “The H” brand and the symbolic status of Apgujeong Hyundai Apartments. DL E&C is promoting its “Acro” brand and terms it says would reduce members’ burden, including a fixed construction price, lower financing costs and higher revenue from general sales. A contractor-selection meeting is expected later this month.
In Yeouido, Sibeom Apartments is drawing the most attention. The project would rebuild 1,584 households into 2,493 units in towers up to 65 stories, with total costs estimated at around 1.5 trillion won. Samsung C&T, Hyundai Engineering & Construction and Daewoo E&C are said to be interested. In earlier Yeouido deals, Samsung C&T won Daegyo Apartments, Daewoo E&C won Gongjak Apartments and Hyundai Engineering & Construction won Hanyang Apartments. The Sibeom outcome is widely seen as a key factor in who leads Yeouido’s redevelopment drive.
In Mok-dong, the first contractor selection for the 14 Sinshigaji complexes is coming into view, led by Mok-dong Complex 6. DL E&C submitted a bid proposal aimed at a negotiated contract, moving closer to securing the job. The plan would rebuild the site into 14 buildings ranging from two basement levels to 49 stories above ground, totaling 2,173 households. The project is valued at 1.2129 trillion won. The association plans to hold a contractor-selection meeting on June 27.
Seongsu Strategic Redevelopment Zone is also in focus as a potential high-rise residential belt along the Han River. Zone 1 has selected GS E&C as builder. The project covers 194,398 square meters in Seongsu-dong 1-ga, with plans for 17 buildings from four basement levels to 69 stories above ground and 3,014 households. The planned construction cost is 2.154 trillion won, the largest among the four Seongsu zones. GS E&C proposed the new complex name “Rivenic Xi.”
For Seongsu Zone 3, a solo bid by Samsung C&T has been discussed as a possibility. The project would build 2,213 households in Seongsu 2-ga 1-dong. It slowed for a time over the selection of a designer but has resumed procedures after a re-tender. Seongsu Zone 4 had been a contest between Daewoo E&C and Lotte E&C, but uncertainty has grown after an earlier bid was invalidated and the process moved to re-bidding. Zone 4’s construction cost is valued at 1.3628 trillion won.
Industry officials said the decisive factors in this year’s Ap-Ye-Mok-Seong contests are likely to be brand, design and financing terms. With construction costs rising to around 10 million won per 3.3 square meters, proposals are increasingly judged on how much they can reduce the burden on association members. In major projects in Apgujeong, Seongsu and Yeouido, key criteria now include not only high-end branding but also guaranteed completion, project financing, relocation-loan terms and plans to maximize revenue from general sales.
A representative of a major construction company said, “Ap-Ye-Mok-Seong is a market where the issue goes beyond winning a single project — it’s about whether a builder can create a branded town in Seoul’s core locations,” adding, “With construction-cost burdens rising, members have no choice but to weigh financial stability and project terms along with the brand.”
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.