Jeonnam Development Corporation Changes 'Some Public Contest Guidelines' for Yeosu Jukrim 1 District Apartment Development

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] The evaluation criteria for private developers of the Jeonnam Development Corporation's Yeosu Jukrim 1 District apartment complex development have been criticized for being unfavorable to local companies, and the bidding guidelines have been partially revised.

On the 21st, according to Jeonnam Development Corporation, the bidding guidelines for private developers of the Yeosu Jukrim 1 District apartment complex (A2·A4BL) were announced with changes to the scoring criteria for the representative company's equity capital size.

Previously, to receive the full 40 points, the representative company had to secure equity capital at least 10 times the total project cost of 450.1 billion KRW, but the revised guidelines have relaxed the full score criteria to at least 5 times the total project cost of 450.1 billion KRW.

Local construction associations and public opinion in the region expressed dissatisfaction, stating that only about two companies nationwide met the full score criteria of the previous bidding guidelines, making it extremely disadvantageous for local companies.

Jeonnam Development Corporation will immediately apply the revised bidding guidelines, accept project applications until the end of this month, form a selection review committee, and select the preferred negotiation candidate in early next month.

A representative of Jeonnam Development Corporation said, “There were various opinions about changing the bidding guidelines, but the decision was made after gathering local public opinion,” and added, “We will continue to strive for a fair and equitable development project.”

The Yeosu Jukrim 1 District apartment complex development project involves constructing 1,272 apartment units, including 60,659㎡ (931 units) in Block A2 and 21,453㎡ (341 units) in Block A4.

The estimated project cost is a total of 450.1 billion KRW, with pure construction costs excluding land acquisition expenses amounting to approximately 270 billion KRW. The private developer will be responsible for construction and sales-related costs.

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