Construction companies are accelerating their bids for redevelopment projects in Yongsan. As the Sukdaeipgu Station area begins its contractor selection process, major builders are already visiting the Hyocheong Park area, which has not yet established a residents' association. They are assessing the location and project viability while introducing their brands to residents in preparation for future contract opportunities.
According to the redevelopment industry on September 16, projects such as the Hyocheong Park area, Cheongpa 2 District, and Sukdaeipgu Station area are progressing in the western Yongsan region.
The largest project, the Hyocheong Park area, is still in the promotion committee stage, but significant movements from major construction companies have been detected. The project, located in the area of Hyocheong-dong 5-307, will cover 103,402 square meters and is expected to include up to 40 floors and approximately 3,000 housing units.
After receiving approval for the establishment of the promotion committee in April, the third committee meeting will be held this afternoon to discuss contracts with key partners, including architects, project management firms, urban planning companies, and appraisers for estimating shared costs. The committee aims to establish the residents' association by the end of this year or early next year.
While the contractor selection process is still pending, some construction companies are already visiting the site to evaluate its viability. A local real estate agent noted, "Recently, representatives from major construction firms such as GS Construction, Hyundai Construction, and Daewoo Construction have been visiting the Hyocheong Park area. Although the residents' association has not yet been established, they seem to be visiting to introduce their companies to residents with an eye on securing future contracts."
In the nearby Cheongpa 2 District, located at 89-18 Cheongpa-dong 1-ga, the residents' association received approval for establishment in June and is currently undergoing procedures for modifying the redevelopment plan and selecting partners, including architects. As the association is formed and subsequent procedures begin, interest from the construction industry is expected to grow regarding the contractor selection.
The fastest-moving project is in the Sukdaeipgu Station area, located at 52-6 Galwol-dong, Yongsan. Last month, a bid announcement for contractor selection was issued, with the deadline set for October 8. According to the integrated review plan, the site will cover 26,493.5 square meters and will include a total of 900 housing units and community facilities.
At the site briefing held by Daesin Asset Trust at the end of last month, five companies, including IPARK Hyundai Industrial Development, Dongbu Construction, Geukdong Construction, Jeil Construction, and Jinheung Enterprise, participated.
Construction companies are reviewing the location, project scale, floor area ratio, and general sale volume to select projects to bid on. If they determine the project is viable, they begin engaging with residents even before the contractor selection process starts.
A representative from a major construction company stated, "If a project is deemed viable and aligns with our housing brand, we sometimes enter the process early, even at the promotion committee stage. Ultimately, the basis for assessing the viability of a redevelopment project is the expected sales revenue, so the potential volume of general sales is crucial."
* This article has been translated by AI.
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