On November 11, GS Engineering & Construction opened a promotional center for the Mokdong New Town 12 redevelopment project in Guro-gu, Seoul. The entrance featured the phrase 'Building a Forest in Mokdong,' adorned with trees and plants. Inside, a model displayed the layout and community facilities planned for the redevelopment. The center reached its initial visitor capacity of 32 on opening day, with weekend reservations already fully booked.
Ahead of the construction firm selection meeting, GS Engineering & Construction presented the 'Ripleyze Xi' design and project conditions to members of the association. The company emphasized plans to reduce delays in permits and provide financial support. One member expressed hope for the project's progress without conflicts over construction costs and shared expenses.
Emphasis on Project Speed... Move-in Timeline Depends on Permits and Relocation Schedule
The Mokdong 12 project aims to redevelop the area into 22 buildings, ranging from four underground floors to a maximum of 43 above ground, totaling 2,810 housing units. The estimated construction cost is 1.7888 trillion won, or approximately 980,000 won per 3.3 square meters. After two failed bidding attempts, GS Engineering & Construction was selected as the preferred negotiator and is currently undergoing the contract process. The selection of the construction firm will require approval from the association members.
GS Engineering & Construction highlighted the importance of project speed, noting that 14 complexes in the Mokdong New Town are undergoing redevelopment. Han Gyu-sang, head of the Eastern Branch of the Urban Maintenance Sales Team, stated, 'If we secure an early position, residents could move in about eight years; if delayed, it could take 13 to 14 years.' However, the actual move-in date will depend on future permits, relocation, and construction schedules.
The design also considers the burden of obtaining permits. The proposed 'Scala Bridge,' a 110-meter-long structure connecting three buildings, will be lowered in height and positioned at the northern entrance of the complex to serve as a gateway. The company explained that this placement minimizes the potential obstruction of views for some units.
A public pedestrian pathway, 'Clima Valley,' measuring 335 meters, is planned to be constructed below ground level. Community facilities will be located on either side of the pathway. GS Engineering & Construction aims to enhance natural light and ventilation while reducing summer heat through this design.
Han stated, 'The concept is to create a space where everything can be resolved within the complex.'
One-Year Delay on Construction Cost Increase... Financial and Operational Support Proposed
Proposed community facilities include a swimming pool, gym, golf practice area, and children's spaces. Educational and childcare programs in collaboration with Kyobo Bookstore, YBM Net, and Jjakak are also included. The operational costs for the management company will be supported for two years after residents move in. After this period, the association members will need to consider the burden of operational costs and facility usage fees.
The project conditions include a one-year delay on construction cost increases from the date of construction firm selection and stipulations that the 80 billion won bid deposit will not incur additional interest. The delay on construction cost increases is a time-limited proposal, meaning the total construction cost will not be fixed until the start of construction.
GS Engineering & Construction proposed to cover 2 percentage points of the interest rate on the association's project financing and to fully support relocation costs up to a 100% loan-to-value ratio (LTV). Options for deferring the payment of shared costs until move-in or after were also suggested. To assess the actual burden on members, they will need to review the interest rates and specific conditions applicable to the loans and payment deferrals.
In the event of unsold units, compensation will be based on the initial general sale price, and profits from general sale options and demolition waste disposal will belong to the association. A movable wall, 'Moving Wall,' will be offered as a paid option.
Members Express Desire for Quick Progress... Feedback to be Shared at Additional Briefing
One member visiting the site remarked, 'After attending the briefing yesterday, seeing the actual model helps me visualize what the complex will look like. I was disappointed there wasn't a separate gateway, but the idea of connecting the complexes is good.'
Regarding the burden of community operational costs and shared expenses, another member expressed confidence that the association would effectively gather and convey opinions, stating, 'News reports often highlight conflicts over construction costs and shared expenses, but we hope our complex can progress quickly.'
The association plans to compile feedback from members who visited the promotional center and share it with GS Engineering & Construction. An association representative stated, 'We intend to gather more opinions after additional visits and present them at the second promotional briefing.'
GS Engineering & Construction also plans to participate in the bidding for the Mokdong 2 complex following the 12 complex. Han noted, 'In a few years, we will compare the speed of projects and market prices for each complex, and only those with results will be considered for future selections.'
* This article has been translated by AI.
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