Samsung C&T Sole Bidder for Heukseok 2 District, the First Public Redevelopment Project

Seoul Dongjak-gu Heukseok 2 District view. / Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Noh Kyung-jo] Samsung C&T has submitted a sole bid for the first public redevelopment project in Seoul, the Heukseok 2 District in Dongjak-gu.

According to the maintenance industry on the 5th, Samsung C&T was the only bidder in the second round of bidding for the selection of the construction company for the Heukseok 2 District redevelopment.

With Samsung C&T bidding alone in both the first and second rounds, the Heukseok 2 District association will be able to select the construction company through a private contract. The general meeting for selecting the construction company is scheduled to be held on the 29th of next month.

The Heukseok 2 District covers an area of 45,229㎡ around 99-3 Heukseok-dong, and will include apartments and ancillary and welfare facilities with 1,216 households, ranging from 7 basement floors to a maximum of 49 floors above ground.

Seoul Housing & Communities Corporation (SH Corporation) is participating as the developer, and the price ceiling for pre-sale will not apply. However, half of the increased supply excluding the units allocated to association members must be provided as rental housing.

A Samsung C&T official said, "As this is the first Raemian apartment to be built in Heukseok New Town, we are mobilizing all our capabilities and know-how," adding, "We will definitely fulfill the best project proposal we have presented."

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