Samsung C&T has been selected as the construction company for the redevelopment project in the Seongsu 3 District of Seoul.
According to the construction industry on September 20, the Seongsu 3 District redevelopment association held a regular general meeting on September 19, where it voted to approve Samsung C&T as the construction company.
A total of 669 out of 959 association members participated in the vote, with 598 in favor, 61 against, and 10 abstentions or invalid votes.
The Seongsu 3 District redevelopment project aims to transform approximately 114,193 square meters in Seongsu-dong 2-ga, Seongdong-gu, into a 72-story residential complex. Samsung C&T had previously submitted bids alone in both the first and second rounds, resulting in consecutive failures due to a lack of competition.
The estimated construction cost proposed by the association is 1.8275 trillion won. The association is currently conducting a comprehensive review based on designs from Haean Architectural Firm and plans to finalize detailed contracts and review procedures incorporating Samsung C&T's alternative designs.
Samsung C&T has proposed the project name 'Raemian Levir.' The payment method for association members is suggested to be 0% for the contract and interim payments, with 100% due upon occupancy. The relocation costs will be fully covered, with a loan-to-value ratio (LTV) of 100% for both basic and additional relocation expenses.
* This article has been translated by AI.
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