As the selection of a construction company for Apgujeong District 5, a key redevelopment area in Gangnam, approaches, DL E&C is intensifying its efforts to win over union members by emphasizing a shortened construction period and financial benefits, leading to heightened competition with Hyundai Construction.
According to a report by Yonhap News on the 17th, DL E&C announced on the 16th during a briefing at the joint promotional center for the Apgujeong District 5 reconstruction project that it proposed a construction period of 57 months, reduced from the previous timeline.
A DL E&C representative stated at the briefing, “We aim to reduce the construction period by 10 months to lower financial costs and project expenses, resulting in savings of approximately 100 million won per household for union members.”
Apgujeong District 5 is a major redevelopment project along the Han River, recognized for its prime location in Gangnam. The project involves the integrated reconstruction of the Apgujeong Hanyang 1 and 2 complexes into a large-scale development featuring five underground floors and 68 above-ground floors, totaling 1,397 units. It is considered one of the most significant projects in this year's reconstruction market due to its excellent school district and river views.
Union members attending the briefing reportedly showed great interest in the potential for improved project viability due to the shortened timeline, as well as the possibility of maintaining construction quality.
DL E&C also unveiled business conditions and financial support options during the event. They highlighted a 0% interest rate on project financing, a loan-to-value ratio (LTV) of 150% for relocation loans, and a maximum deferral of up to seven years for payment of contributions, emphasizing the alleviation of financial burdens.
The design and view specialization strategy for the complex was also presented. The 'Acro Apgujeong' is planned with a structure of one to three rows per building. Buildings 101 to 103, positioned in the first row, will feature a low-rise design that maximizes Han River views, while buildings 105 to 107 in the second row will be developed as a high-rise 'Regent Triple Tower' to ensure symbolism and openness. The third row will include south-facing residential spaces and a central garden.
Hyundai Construction, which is competing for the project, has proposed the name 'Apgujeong Hyundai Galleria' to emphasize brand significance. Their strategy involves inheriting the historical and identity aspects of the existing Apgujeong Hyundai Apartments and establishing a large-scale 'Hyundai Brand Town' following their previous contracts for Apgujeong District 2 and their selection as the preferred bidder for District 3.
The final decision on the construction company for Apgujeong District 5 will be made at the union's general meeting scheduled for the 30th.
* This article has been translated by AI.
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