Samsung C&T Wins 'Sinbanpo 15th Reconstruction' Contract... Returns to Maintenance Market After 5 Years

Received 126 Votes out of 166... Voting Rate 75.9%

Raemian One Pentas Bird's-eye View (Photo by Samsung C&T)

[Asia Economy Reporter Moon Jiwon] Samsung C&T has succeeded in winning the contract for the Sinbanpo 15th reconstruction project in Banpo-dong, Seocho-gu, Seoul. With this, Samsung C&T has made a spectacular return to the reconstruction contract market after 5 years.

According to the industry on the 23rd, the Sinbanpo 15th Reconstruction Association selected Samsung C&T as the new contractor at the regular general meeting held to select the construction company.

Out of 181 association members, 166 voted, and Samsung C&T received 126 votes, recording a 75.9% approval rate.

Samsung C&T returned to the maintenance project contract market after 5 years since winning the integrated reconstruction of Sinbanpo 3rd and Gyeongnam Apartments in 2015.

A Samsung C&T official explained, "It is even more meaningful as it was achieved in Banpo, which was like the hometown of Raemian," and added, "It proved the high preference for the Raemian brand in the Banpo area."

The Sinbanpo 15th reconstruction project involves rebuilding the existing eight 5-story buildings with 180 households into six buildings ranging from four basement floors to 35 above-ground floors, with 641 households. The total construction cost is about 200 billion KRW.

Although the scale itself is not large, the competition among Samsung C&T, Daelim Industrial, and Hoban Construction was fierce as the complex is being built on prime land in Banpo-dong, Seocho-gu.

Before the contractor selection, Samsung C&T proposed the new complex name for Sinbanpo 15th reconstruction as "Raemian One Pentas," derived from the star-shaped flower Pentas, whose flower language means "joy of life." Afterwards, Samsung C&T mobilized the capabilities of group affiliates such as Samsung Electronics to persuade the association members.

Industry analysts say that with Samsung C&T selected as the contractor, it has been reaffirmed that the contractor's apartment brand is still important in reconstruction complexes in the Gangnam area.

Baek Jongtak, Executive Director of Housing at Samsung C&T, said, "We will do our best to successfully promote the Sinbanpo 15th project by concentrating all the capabilities of Raemian," and added, "We will strive even harder to become a trusted Raemian for customers based on the best quality and technology."

This content was produced with the assistance of AI translation services.