"Construction Costs Must Increase" Banpo One Bailey Site Comes to a Halt

An apartment construction site in Buk-gu, Gwangju, where construction was halted last April

[Asia Economy Reporter Choi Dae-yeol] Reinforced concrete companies have decided to completely halt work at some structural construction sites in the Seoul metropolitan area starting from the 11th.

On the 10th, the Seoul, Gyeonggi, and Incheon branches of the Reinforced Concrete Association announced that they would stop construction at 26 sites operated by 18 contractors who were uncooperative in requests for subcontract payment increases. The contractors ceasing work include major construction companies such as GS Construction (2 sites), Samsung C&T (1 site), and SK Ecoplant (1 site).

Construction at the "Raemian One Bailey" site (Sinbanpo 3rd Housing Reconstruction Maintenance Project Section 3) in Banpo-dong, Seocho-gu, Seoul, currently being built by Samsung C&T, will also be halted. Initially, over 60 sites were targeted, but 34 sites were removed from the list at the last minute. To prevent the construction stoppage, it is reported that a verbal promise was made to increase construction costs first.

The reinforced concrete industry had previously stopped construction nationwide in March, demanding an increase in subcontract payments. In April, the Honam and Jeju branches, and in May, the Busan, Ulsan, and Gyeongnam branches also halted construction respectively.

Earlier, in February of this year, they sent official letters to the top 100 construction companies demanding a 20% increase in construction costs, citing rising prices of hardware and various materials as reasons that make it difficult to proceed with the existing construction costs.

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