Galhyeon 1 Lotte Construction · Jegi 4 Hyundai Construction... Redevelopment Contractor Selection

[Asia Economy Reporter Kim Yuri] Lotte Construction and Hyundai Construction have been selected as the contractors for the redevelopment projects of Galhyeon 1 District in Eunpyeong-gu, Seoul, and Jegi 4 District in Dongdaemun-gu, respectively.

According to the maintenance industry on the 24th, at the general meeting held yesterday at the Swiss Grand Hotel in Hong Eun-dong, Seodaemun-gu, 1,769 union members of Galhyeon 1 District attended, and with about 88% support (1,555 votes in favor), Lotte Construction was selected as the contractor. 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. Through redevelopment, it will be reborn as an apartment complex consisting of 32 buildings ranging from 6 basement floors to 22 above-ground floors.

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.

Lotte Construction has achieved a total contract amount of 1.5887 trillion KRW by winning orders for the Ulsan Jung-gu B-05 District redevelopment (160.2 billion KRW), Busan Beomil 2 District redevelopment (503 billion KRW), and now Galhyeon 1 District this year, 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 we will repay their full support by creating the best complex."

Meanwhile, on the same day, the Jegi 4 District redevelopment union held a temporary general meeting at the Sejong the Great Memorial Hall in Dongdaemun-gu, Seoul, and approved an agenda to sign a construction contract in the form of a private contract with Hyundai Construction, which was the sole bidder. Among the 291 attending union members, 279 votes (95.9% approval rate) were obtained.

The Jegi 4 District redevelopment involves constructing 11 buildings with 909 households and auxiliary facilities, ranging from 2 basement floors to 25 above-ground floors. The construction cost is 158.9 billion KRW.

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