Construction of Dunchon Jugong Halted for 6 Months Resumes on the 17th... Approved with 95% Support

[Asia Economy Reporter Jang Sehee] The reconstruction work of Dunchon Jugong (Olympic Park Foreon) in Gangdong-gu, Seoul, the largest reconstruction project, will resume after a six-month suspension.

The Dunchon Jugong Apartment Housing Reconstruction Maintenance Business Association held an extraordinary general meeting on the afternoon of the 15th, approving a total of 23 agenda items including the ratification of the agreement for the resumption of construction between the association and the construction business group, and elected new executives such as the association head, auditors, and directors.

On August 11 of this year, the association and the construction business group (Hyundai Construction, HDC Hyundai Development Company, Daewoo Construction, Lotte Construction) agreed on key issues such as resuming construction and re-verifying the increase in the existing construction costs based on the Seoul city mediation proposal. With the passage of this agreement at the general meeting, construction resumption finally became possible. This key agenda item for resuming construction was approved with 5,436 votes (94.7%) in favor out of 5,738 attendees (including written resolutions) among 6,150 association members.

Previously, the Dunchon Jugong reconstruction work was completely halted at 0:00 on April 15, with a progress rate of 52%, due to conflicts between the association and the construction business group over the issue of increased construction costs. With the decision to resume construction at the general meeting held 183 days after the suspension, the construction business group will restart work from the 17th of this month.

The association decided to revoke the qualification of the integrated commercial committee as the representative organization of the commercial area and to restore the contract with the former commercial construction project management (PM) company, Ritzin Holdings, which had been terminated.

Ritzin Holdings had been conducting the commercial reconstruction project under a contract with the previous commercial representative organization before the integrated commercial committee. However, after the integrated commercial committee notified the contract termination, Ritzin Holdings opposed this and exercised a retention right on the commercial building. With the passage of the agenda, the retention right on the commercial building is also expected to be lifted.

Earlier, the integrated commercial committee filed an injunction against the association, requesting that some agenda items related to the commercial area in the extraordinary general meeting not be resolved, claiming that the association excluded them by submitting commercial-related agenda items and caused damage by proceeding with commercial construction according to the previously confirmed management disposition plan. However, the court dismissed the injunction.

Meanwhile, the association plans to apply for general sale approval as early as November and hold a management disposition general meeting in December.

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