The Seongsu 3 District redevelopment project in Seoul's Seongdong-gu has officially begun the process of selecting a construction company. This massive project is expected to exceed a construction cost of 1.8 trillion won, setting the stage for a competitive bidding process among major construction firms.
On June 16, the Seongsu 3 District Redevelopment Project Association announced the opening of bids for construction companies. A site briefing will be held on June 24 at 2 p.m., with the bidding closing on August 10 at 3 p.m.
The total estimated construction cost is 1,827,510,033,000 won (excluding VAT), with a cost of 12.1 million won per 3.3 square meters. The bidding will follow a general competitive bidding format, and joint bidding (consortiums) is not permitted. Companies wishing to participate must submit a bid guarantee of 100 billion won.
Located in the core area of the Seongsu Strategic Maintenance Zone, the Seongsu 3 District covers an area of 114,193 square meters. Upon completion, Block D2 will feature two buildings with 34 floors each, while Block A3 will consist of eight buildings with 72 floors. The redevelopment aims to transform the area into a large-scale residential complex that includes apartments, community facilities, and commercial spaces.
The Seongsu Strategic Maintenance Zone benefits from its prime location along the Han River and near Seoul Forest, making it an attractive area as Seongsu-dong emerges as a leading residential and commercial district in Seoul.
Industry insiders are closely watching the potential participation of major construction firms such as Samsung C&T, Hyundai Engineering & Construction, GS Engineering & Construction, and DL E&C. Given the single-bid format, the branding and design capabilities of each firm are expected to play a crucial role in the bidding process.
The association plans to conduct the bidding in accordance with the Seoul City public support construction contractor selection criteria and its own regulations, followed by a general meeting to vote on the final construction company.
Meanwhile, other projects within the Seongsu Strategic Maintenance Zone are also accelerating. The Seongsu 2 District is expected to announce its construction company selection bid this month, with DL E&C and IPARK Hyundai Industrial Development reportedly considering participation. This project aims to create a residential complex with 2,381 units, featuring five underground levels and 65 above-ground floors, with a total project cost of 2.1 trillion won and construction costs around 1.78 trillion won.
The Seongsu 4 District recently passed the integrated review by Seoul City and is set to be redeveloped into a complex with 1,439 units across ten buildings, ranging from six underground levels to 64 above-ground floors. The total construction cost is estimated at 1.36 trillion won, with Daewoo Engineering & Construction and Lotte Engineering & Construction participating in the bidding process, although some delays have occurred due to allegations of violations of bidding guidelines.
Previously, the Seongsu 1 District selected GS Engineering & Construction as its construction company during a general meeting on May 25. This project will develop a site of 194,398 square meters into a complex with 3,014 units across 13 buildings, ranging from five underground levels to 64 above-ground floors, with a construction cost of approximately 2.15 trillion won. After two failed bidding attempts, the project proceeded through a negotiated contract, and the proposed name for the complex is 'Rivenique Xi.'
* This article has been translated by AI.
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