First 'Xi' Apartment in Sanggye-dong... GS Construction Wins Jugoong 5 Complex Reconstruction Contract

[Asia Economy Reporter Noh Kyung-jo] The first 'Xi' apartment will be built in Sanggye-dong, Nowon-gu, Seoul. GS Construction has been finally selected as the contractor for the reconstruction project of Sanggye Jugong Complex 5 in Nowon-gu, Seoul.

According to the maintenance industry on the 14th, Sanggye Jugong Complex 5 held a general meeting to select the contractor at the Nowon-gu Citizens' Hall in the afternoon and confirmed GS Construction as the contractor. GS Construction, which was the preferred negotiation candidate in the private contract bidding, received a majority of approval votes from land and other property owners in the vote held that day.

Perspective view of the redevelopment of Sanggye Jugong Complex 5 in Nowon-gu, Seoul / Provided by GS Construction

Sanggye Jugong Complex 5 is planned to be transformed through reconstruction into five buildings ranging from three basement floors to 35 above-ground floors, with a total of 996 households (including 152 rental units). The contract amount is 334.2 billion KRW.

This project is being implemented and sold by a trust company rather than a cooperative. Previously, Nowon-gu Office designated Korea Asset Trust as the project implementer in 2021. Trust-type reconstruction skips the procedures of forming a promotion committee and establishing a cooperative, saving time. However, the trust company takes a portion of the sales profit as a fee.

Sanggye Jugong Complex 5 is close to Nowon Station on subway lines 4 and 7, and residents can conveniently access Nowon-gu Office, Lotte Mart, and Inje University Sanggye Paik Hospital. Nearby schools include Sangsu Elementary School, Shinsang Middle School, Nowon Middle School, and Sanggye Middle and High Schools. There are also abundant green spaces such as Gajaeul Neighborhood Park and Nohae Neighborhood Park.

Among the Jugong apartments in the area, Complex 8 was the first to complete reconstruction as 'Forena Nowon' (2020), followed by Complex 5. Due to the government's rationalization plan for safety inspections announced last month, other complexes are also gaining momentum in project promotion. Recently, Sanggye Jugong Complexes 1, 2, and 6, as well as Sanggye Hanyang Apartments, all passed safety inspections simultaneously, confirming their reconstruction plans.

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