Interest is growing in the changing rankings of construction companies in Seoul's apartment supply market. Hyundai Engineering & Construction has taken the lead, with Daewoo Engineering & Construction and Lotte Engineering & Construction closely following.
According to the real estate industry on June 4, Hyundai Engineering & Construction has secured the largest share of the planned general sales in Seoul this year. The company is maintaining its top position with projects like 'The H Class' in Banpo-dong, Seocho-gu, and 'The H Kentronine' in Heukseok-dong, Dongjak-gu.
The H Class is a large complex being developed through the reconstruction of the Banpo Jugong 1st Complex, consisting of a total of 5,007 units, with 1,832 units expected to be available for general sale. The H Kentronine, part of the Heukseok 9 district redevelopment project, is also expected to offer around 430 units for general sale. Together, these two projects will provide Hyundai Engineering & Construction with over 2,000 units available for general sale in Seoul.
Daewoo Engineering & Construction is also likely to rank high in Seoul's supply this year. Key projects include 'Jangwi Prugio Mark One,' part of the Jangwi 10 district redevelopment, as well as 'Summit Hill' in Heukseok 11 district and 'Summit the Tresia' in Noryangjin 5 district. Notably, Jangwi Prugio Mark One is a significant project with over 1,000 units available for general sale, which will boost Daewoo's ranking in Seoul's supply.
Lotte Engineering & Construction continues its supply in Seoul through projects like 'Bukhansan Signature Castle' in the Galhyeon 1 district redevelopment, along with 'Bangbae Leel' and 'Ichon Leel.' After establishing a presence in the Seoul market last year with key locations like Jamsil Leel, Lotte is promoting both northern and southern redevelopment projects this year.
Samsung C&T has supplied 'Raemian Elavine' this year, a reconstruction project in the Banghwa 6 district of Gangseo-gu. This complex consists of 557 units, with 272 units available for general sale. However, Samsung C&T's supply this year appears to have significantly decreased compared to last year.
The rankings for supply in Seoul this year seem to be influenced more by the approval of redevelopment projects, schedules of associations, pricing, and market conditions than by the capabilities of individual construction companies. Given the limited supply of new land in Seoul, most of the supply from large construction companies comes from reconstruction and redevelopment projects. The timing of sales for major redevelopment projects can greatly affect rankings, even for the same company.
Industry experts anticipate that this year's Seoul sales market will see demand concentrated around major complexes in the Gangnam area. Despite rising construction costs and pricing pressures, the scarcity of new developments in key locations in Seoul remains high.
A representative from a major construction company stated, "Supply in Seoul is inherently limited, so the impact of confirmed redevelopment project sales is significant. This year's rankings are likely to be determined more by the schedules of large projects than by the annual strategies of individual construction companies."
* This article has been translated by AI.
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