“This is Lotte's declaration of entering the Mokdong business.”
At a press conference held on September 14 at the 'L'Ell Mokdong Lounge' in Yangcheon-gu, Seoul, a Lotte Construction official explained the significance of the lounge's opening. Although no construction rights have been secured among the 14 complexes in the Mokdong new town, the company announced its intention to actively participate in the reconstruction market, estimated at around 30 trillion won.
The lounge features landscaping reminiscent of a forest and smooth, curved spaces. Inside, works by artists Kim Whanki and Kim Chang-yeol are displayed, while a separate area showcases media art reinterpreting works by Monet and Van Gogh. The space emphasizes nature and art over housing types and finishing materials, presenting the high-end brand 'L'Ell' residential concept.
Lotte Construction has established lounges near the Omokgyo Station in eastern Mokdong and near the academy district in western Sinjeong-dong. This strategy aims to promote the brand to the existing 26,629 households in Mokdong new town and expand its bidding base ahead of the selection of construction companies.
At a press conference held on September 14 at the 'L'Ell Mokdong Lounge' in Yangcheon-gu, Seoul, a Lotte Construction official explained the significance of the lounge's opening. Although no construction rights have been secured among the 14 complexes in the Mokdong new town, the company announced its intention to actively participate in the reconstruction market, estimated at around 30 trillion won.
The lounge features landscaping reminiscent of a forest and smooth, curved spaces. Inside, works by artists Kim Whanki and Kim Chang-yeol are displayed, while a separate area showcases media art reinterpreting works by Monet and Van Gogh. The space emphasizes nature and art over housing types and finishing materials, presenting the high-end brand 'L'Ell' residential concept.
Lotte Construction has established lounges near the Omokgyo Station in eastern Mokdong and near the academy district in western Sinjeong-dong. This strategy aims to promote the brand to the existing 26,629 households in Mokdong new town and expand its bidding base ahead of the selection of construction companies.
Focusing on Complexes 2, 7, 11, and 14… “We will actively bid if competition arises”
Lotte Construction is particularly targeting complexes 2, 7, 11, and 14 in Mokdong. However, the company is not limiting its bidding to these complexes and is open to opportunities across all 14 complexes.
Kang Young-soo, head of Lotte Construction's Urban Maintenance Team, stated, “The complexes we are currently targeting have not yet announced bidding notices, so it is difficult to specify which complexes we will participate in,” but added, “We are focusing on complexes 2, 7, 11, and 14.”
He continued, “We will strategically decide on participation based on a comprehensive review of each project's profitability, conditions for advancement, and competitive environment,” emphasizing, “If competition arises with other companies, we will actively pursue bids.”
The card Lotte Construction is playing for the Mokdong bidding is the 'Sorbonne Project.' This is not a specific complex name but a residential concept aimed at all complexes from 1 to 14 in Mokdong. The plan is to combine Mokdong's educational and natural environment with culture and art, and once specific complexes are determined, collaborate with overseas design firms to reflect the characteristics of each site.
Kwon Dong-hyuk, head of Lotte Construction's Urban Maintenance Team, explained, “We started with two questions: What is the important value Mokdong has built over the past 40 years, and what kind of city should Mokdong become after reconstruction?” He added, “The Sorbonne Project aims to enhance Mokdong's education and greenery with the intellect and art of Paris.”
Kang Young-soo, head of Lotte Construction's Urban Maintenance Team, stated, “The complexes we are currently targeting have not yet announced bidding notices, so it is difficult to specify which complexes we will participate in,” but added, “We are focusing on complexes 2, 7, 11, and 14.”
He continued, “We will strategically decide on participation based on a comprehensive review of each project's profitability, conditions for advancement, and competitive environment,” emphasizing, “If competition arises with other companies, we will actively pursue bids.”
The card Lotte Construction is playing for the Mokdong bidding is the 'Sorbonne Project.' This is not a specific complex name but a residential concept aimed at all complexes from 1 to 14 in Mokdong. The plan is to combine Mokdong's educational and natural environment with culture and art, and once specific complexes are determined, collaborate with overseas design firms to reflect the characteristics of each site.
Kwon Dong-hyuk, head of Lotte Construction's Urban Maintenance Team, explained, “We started with two questions: What is the important value Mokdong has built over the past 40 years, and what kind of city should Mokdong become after reconstruction?” He added, “The Sorbonne Project aims to enhance Mokdong's education and greenery with the intellect and art of Paris.”
Differentiating through Education and Cultural Services… Specifics to be Defined During Bidding
Lotte Construction believes that competition in high-end housing will expand from exterior design and high-quality finishing materials to education, culture, and services after residents move in. The lounge also reflects this direction through its art pieces and spatial composition.
The company is considering large libraries, book cafes, and learning spaces, and is pursuing collaboration with Lotte Group affiliates. Discussions are underway to introduce hotel-style services from Lotte Hotel Signiel, as well as integrating cultural programs from the Lotte Cultural Foundation and distribution and logistics services from Lotte Shopping and Lotte Mart.
Kwon emphasized, “The value of high-end apartments will no longer be determined solely by how extravagant the exterior is, how large the community is, or what finishing materials are used,” stating, “Connecting education, art, culture, nature, wellness, and technology services into a single lifestyle is our vision for a new residential culture.”
However, the details disclosed on this day are common plans for the Mokdong bidding. Specific educational programs, designs for each complex, and financial conditions for actual bidding proposals have not yet been revealed. Lotte Construction plans to refine its proposals in line with the bidding timeline, considering the varying profitability of each complex and the strategies of competitors.
Regarding shared costs, Kwon noted, “The 14 complexes in Mokdong each have different profitability,” adding, “Our goal is to create the best complexes by enhancing Lotte Construction's capabilities within the defined resources and maximizing future sale prices.” He also stated that they would ensure competitive financial conditions compared to other complexes.
The company is considering large libraries, book cafes, and learning spaces, and is pursuing collaboration with Lotte Group affiliates. Discussions are underway to introduce hotel-style services from Lotte Hotel Signiel, as well as integrating cultural programs from the Lotte Cultural Foundation and distribution and logistics services from Lotte Shopping and Lotte Mart.
Kwon emphasized, “The value of high-end apartments will no longer be determined solely by how extravagant the exterior is, how large the community is, or what finishing materials are used,” stating, “Connecting education, art, culture, nature, wellness, and technology services into a single lifestyle is our vision for a new residential culture.”
However, the details disclosed on this day are common plans for the Mokdong bidding. Specific educational programs, designs for each complex, and financial conditions for actual bidding proposals have not yet been revealed. Lotte Construction plans to refine its proposals in line with the bidding timeline, considering the varying profitability of each complex and the strategies of competitors.
Regarding shared costs, Kwon noted, “The 14 complexes in Mokdong each have different profitability,” adding, “Our goal is to create the best complexes by enhancing Lotte Construction's capabilities within the defined resources and maximizing future sale prices.” He also stated that they would ensure competitive financial conditions compared to other complexes.
* This article has been translated by AI.
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