Samsung C&T Wins Busan Reconstruction Project After 7 Years

Perspective view of the residential reconstruction in Myeongnyun 2 District, Dongnae-gu, Busan (Photo by Samsung C&T)

[Asia Economy Reporter Moon Jiwon] Samsung C&T has re-entered the local reconstruction market after 7 years.

Samsung C&T announced on the 28th that it was selected as the construction company at the general meeting of the Myeongnyun 2 District Housing Reconstruction Association in Dongnae-gu, Busan, held on the 27th.

This project involves building six apartment buildings with 501 units, ranging from three basement floors to 28 above-ground floors, on low-rise apartments and residential areas around 702-47 Myeongnyun-dong, Dongnae-gu, Busan.

Samsung C&T secured the construction rights alone in Busan for the first time in 7 years since being selected as the construction company for the Oncheon 4 District redevelopment in Dongnae-gu, Busan in 2014 (currently Raemian Forestige).

After returning to the maintenance business last year through the Sinbanpo 15th project in Seocho-gu, Seoul, for the first time in about 5 years, Samsung C&T is gradually expanding its order range from Seoul to local areas.

Although the Myeongnyun 2 District project is not large in scale, the Busan real estate market has recently been active, and the location is considered good, which is interpreted as Samsung C&T actively pursuing the order. Samsung C&T participated alone again in the second bidding held on the 4th to select the construction company for this project, following the first round. Compared to Seoul and other metropolitan areas, competition is less intense, so it is evaluated that Samsung C&T’s burden was also low, as it adheres to the principle of ‘clean bidding.’

Myeongnyun 2 District is a station area located right in front of Myeongnyun Station on Busan Metro Line 1. It has an excellent educational environment and is close to convenience facilities such as Lotte Department Store. Samsung C&T proposed the complex name as ‘Raemian Mark the Suite,’ reflecting its intention to provide a high-quality residential cultural space like a hotel through reconstruction. The name is a compound of Mark, meaning noble or prestigious family, and Suite, the highest-grade hotel space.

Samsung C&T has participated in a total of six maintenance projects in Busan over the past 10 years. It has successfully sold Raemian Jangjeon and Dongnae Raemian I’Park in the Dongnae-gu area and is preparing to supply Raemian Forestige, which consists of 4,043 units.

A Samsung C&T official said, "Based on Raemian’s differentiated products and brand power, we will do our best to become the best partner for the Myeongnyun 2 reconstruction project."

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