[Report] The Fever of 'Hannam3 Redevelopment' Overcoming COVID-19... Over 2,700 People Gathered

General Meeting for Construction Company Selection at COEX, Samseong-dong, Gangnam-gu, Seoul on the 21st
Hyundai Engineering & Construction, Daelim Industrial, GS Engineering & Construction Three-Way Competition

[Asia Economy Reporter Onyu Lim] Despite concerns over the spread of the novel coronavirus infection (COVID-19), more than 2,700 union members gathered to select the construction company for the 'largest redevelopment project,' Hannam 3 District.

On the afternoon of the 21st, the 2nd construction company briefing and the general meeting for selecting the construction company were held at COEX in Samseong-dong, Gangnam-gu, Seoul. According to the union, out of approximately 3,800 total union members, 2,735 attended the site and voted. A union official said, "Including early voters, a total of 2,801 people completed voting." Since more than half of the union members exercised their voting rights, the construction company will be finally decided based on the results of the day.

Currently, Hyundai Engineering & Construction, Daelim Industrial, and GS Engineering & Construction are competing in a three-way race for Hannam 3 District. Since the first and final rounds of voting were held simultaneously, union members received a total of four ballots. In the first round, they selected one company among Hyundai Engineering & Construction, Daelim Industrial, and GS Engineering & Construction. In the final round, they chose one company from Hyundai Engineering & Construction and Daelim Industrial, one from Daelim Industrial and GS Engineering & Construction, and one from Hyundai Engineering & Construction and GS Engineering & Construction. If no construction company receives a majority in the first round, the final construction company will be selected based on the final round results.

The results have not yet been disclosed, but Hyundai Engineering & Construction and Daelim Industrial are currently expected to be leading. Before the vote, the construction companies presented differentiated brands and complex names at the 2nd joint briefing. Hyundai Engineering & Construction proposed 'Hannam DH The Royal,' GS Engineering & Construction offered 'Hannam Xi The Heritage,' and Daelim Industrial presented 'Acro Hannam County.' Regarding project financing, Hyundai Engineering & Construction proposed over 2 trillion won (including 500 billion won for project promotion costs), Daelim Industrial 1.6 trillion won, and GS Engineering & Construction 1.5 trillion won. Construction costs are Hyundai Engineering & Construction 1.7377 trillion won, Daelim Industrial 1.888 trillion won, and GS Engineering & Construction 1.655 trillion won. All three companies promised 100% support for moving expenses with a loan-to-value ratio (LTV) of 100%, and 100% compensation in case of unsold units.

Meanwhile, although Gangnam District Office issued an administrative order prohibiting gatherings to the union due to concerns about COVID-19 spread, the union proceeded with the general meeting, fearing that further delays in selecting the construction company would prolong the project. A Gangnam District Office official who visited the general meeting site said, "Since the gathering ban order is currently in effect, we will take measures against both the union and attending union members according to laws and procedures." Failure to comply with the gathering ban order may result in a fine of up to 3 million won, and if COVID-19 cases occur, claims for damages related to treatment and quarantine costs may be filed.

The union prepared various quarantine measures on-site to minimize the spread of COVID-19. Yellow stickers were attached at 1-meter intervals in waiting areas to enforce social distancing. Quarantine staff measured the temperatures of union members, and virus prevention disinfectants were placed throughout the site. The Central Disaster and Safety Countermeasures Headquarters stated in a briefing that they would "take legal action if the Hannam 3 District redevelopment union violates quarantine rules."

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