"Only 10 Days Left to Select Construction Company, Yet Again"... Yeouido Hanyang Residents Angry at Seoul City's Halt
"The general meeting to select the construction company is just about 10 days away, and if it is postponed again, this is a clear violation of property rights."
The voices of dissatisfaction from residents of Yeouido Hanyang Apartment are growing louder. The general meeting to select the construction company for the reconstruction project is scheduled for the end of this month, but concerns have increased that it may be delayed due to Seoul City's intervention. In July, the selection process was halted due to issues with the 'construction company bidding announcement,' and if it is postponed again this time, delays in the reconstruction schedule and financial losses are inevitable.
According to the construction industry on the 18th, Seoul City recently issued administrative guidance to Yeongdeungpo District Office to investigate and take action on whether there were any violations of the maintenance plan during the selection process of the construction company for Yeouido Hanyang Apartment. Maintenance projects must be carried out according to the maintenance plan within the maintenance zone, but Seoul City sees a legal issue in KB Real Estate Trust, the implementer, issuing the construction company bidding announcement based on the not-yet-finalized Rapid Integrated Planning Proposal (Shintong Planning Proposal).
Yeouido Hanyang Apartment began full-scale project promotion after the Shintong Planning Proposal was finalized last December, emphasizing its symbolic status as 'Yeouido’s first reconstruction.' In July, the pace accelerated as preparations for selecting the construction company were underway, but the plan fell through due to problems with the bidding announcement prepared by KB Real Estate Trust.
Subsequently, bidding for the construction company selection was conducted again in September, and a general meeting for the selection was scheduled for the 29th. Hyundai Engineering & Construction and POSCO E&C participated in the bidding.
Owners express concerns that if the general meeting for selecting the construction company is canceled again, legal disputes over responsibility between the developer and the construction company will be inevitable, causing overall project delays.
Additionally, since the project was promoted on the premise of purchasing commercial properties on separate lots within the complex, if the construction company selection is halted, there are forecasts of increased project costs due to rising commercial property purchase prices.
Owners insist that the construction company selection process must proceed as scheduled. The general meeting for the selection has already been confirmed for the 29th and notices have been sent to owners. Especially since absentee voting is scheduled from the 20th to the 22nd, changing the schedule now is difficult.
Some owners also express dissatisfaction, stating that if Seoul City delays the construction company selection after the general meeting notice has been issued, it constitutes a 'violation of property rights.'
One owner of Yeouido Hanyang Apartment said, "Since the general meeting for selecting the constructor has been announced, the meeting must proceed no matter what. To prevent residents’ property damage, it is desirable to complete the construction company selection first under the current circumstances and then examine any disqualification issues after the meeting."
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The Yeouido Hanyang Apartment reconstruction project involves building 956 apartment units and 128 officetel units in the Yeouido-dong 42 area of Yeongdeungpo-gu, Seoul. Initially promoted as Yeouido’s first reconstruction, it attracted attention with its rapid project pace, including the upcoming construction company selection. The market is watching closely what solutions KB Real Estate Trust will propose to resolve this issue, and there are simultaneous concerns about whether a situation similar to the Apgujeong 3 District, where the project was delayed due to violating Seoul City guidelines, might occur.
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