Gangbuk Redevelopment Daeyeo Galhyeon 1 District... Lotte Construction Acquires It

[Asia Economy Reporter Donghyun Choi] Lotte Construction has won the contract for Galhyeon 1 District in Eunpyeong-gu, Seoul, considered a major redevelopment project in Gangbuk.

According to industry sources on the 23rd, at the general meeting held at the Swiss Grand Hotel in Hong Eun-dong, Seodaemun-gu, 1,769 union members attended, and with about 88% support (1,555 votes in favor), Lotte Construction was selected as the contractor for Galhyeon 1 District. Galhyeon 1 District is one of the largest redevelopment sites in Gangbuk, with a construction cost of approximately 920 billion KRW and 4,116 households, and is set to be reborn as an apartment complex consisting of 32 buildings ranging from 6 basement floors to 22 above-ground floors through redevelopment.

The Galhyeon 1 District union had prepared for the contractor selection meeting in March 2020, but the meeting was delayed for about two months due to the COVID-19 pandemic.

With this contract for Galhyeon 1 District, following the redevelopment of Ulsan Jung-gu B-05 District (160.2 billion KRW) and Busan Beomil 2 District redevelopment (503 billion KRW) earlier this year, Lotte Construction has achieved a total contract amount of 1.5887 trillion KRW, joining the '1 trillion KRW club' in urban maintenance contracts.

A Lotte Construction official said, "We are grateful to the Galhyeon 1 District union members who trusted and supported us until the end, and as we received overwhelming support, we will repay by creating the best complex."

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