Daewoo Engineering Remains Sole Bidder for Shinwol Apartment Reconstruction

Daewoo Engineering was the only company to attend the second site briefing for the reconstruction project of the Shinwol Apartments in Yangcheon District, Seoul. With an estimated construction cost of 1.2566 trillion won, the lack of competition for bids increases Daewoo's chances of securing the contract.

According to the construction industry on November 5, the Korea Land Trust, the project implementer, held the second site briefing at 10 a.m. that day, which was attended solely by Daewoo Engineering. In the first briefing held in September, four companies, including Daewoo Engineering, Hyundai Engineering & Construction, POSCO E&C, and Jeil Construction, participated, but only Daewoo submitted a bid, which was unsuccessful.

The Korea Land Trust plans to close the second bidding on December 21 at 2 p.m. If Daewoo Engineering is the only bidder again and the bid fails, the possibility of switching to a negotiated contract and the subsequent selection process will be closely watched.

Daewoo Engineering is optimistic about being selected as the contractor by the end of the year. A company representative stated, "Typically, once we receive a letter from the project implementer designating us as the preferred bidder, the contractor is selected after a vote by all landowners. Given the current situation, we believe contractor selection is feasible by year-end."

The Shinwol reconstruction project aims to develop a site of 153,213.6 square meters in Shinwol-dong, Yangcheon District, into a complex with up to 21 floors and 3,155 housing units, along with commercial facilities. The estimated construction cost is approximately 1.2566 trillion won, equating to about 8.5 million won per 3.3 square meters.

Daewoo Engineering is preparing landscape designs in collaboration with STOSS, a U.S.-based landscape and urban design firm. A company representative remarked, "We have been interested in and preparing for the Shinwol reconstruction for a long time. Given the site's strengths in landscaping, we plan to create a differentiated complex by collaborating with an overseas specialist firm."