Hyundai Engineering has been selected as the preferred negotiator for the reconstruction project of the Mokdong 10 Complex in Yangcheon District, Seoul, with a construction cost of 2.6 trillion won.
On August 26, Hyundai Engineering announced that it had been designated as the preferred negotiator for the selection of the construction company for the Mokdong 10 Complex reconstruction project.
The Mokdong 10 Complex reconstruction project is a large-scale redevelopment initiative that aims to replace the existing 2,160 housing units with 4,248 new units. The total project cost is approximately 2.6 trillion won.
Hyundai Engineering was the sole bidder in two previous rounds of construction company selection. Consequently, the association decided to switch to a negotiated contract process in accordance with the Urban and Residential Environment Maintenance Act and selected Hyundai Engineering as the preferred negotiator.
Hyundai Engineering stated, “The selection as the preferred negotiator is a transition to a negotiated contract process under the Urban and Residential Environment Maintenance Act,” adding that the construction company selection process will proceed at the upcoming general meeting of the association.
The Mokdong 10 Complex is among the larger-scale redevelopment projects in the Mokdong New Town area. Once the final construction company selection is completed, it is expected to influence the progress of other redevelopment projects in the Mokdong area.
Recently, there has been a strong trend among construction companies to selectively bid on large-scale redevelopment projects due to concerns over construction costs and project conditions. The outcome of the Mokdong 10 Complex bid is anticipated to be a key indicator for the redevelopment market in the second half of the year.
* This article has been translated by AI.
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