GS Construction Wins Seoul Songpa 'Garak Plaza Reconstruction' Project

GS Construction has succeeded in securing its first apartment reconstruction contract since the Incheon Geomdan apartment underground parking lot collapse incident.

A view of Garak Plaza Apartment in Songpa-gu, Seoul.
Photo by Kwak Minjae

According to industry sources on the 7th, GS Construction was recently selected as the final contractor at the general meeting for the reconstruction contractor selection of Garak Plaza Apartments in Songpa-gu, Seoul. Garak Plaza Apartments were completed in 1985 and consist of 11 buildings with 672 households. Through future reconstruction, it is planned to be transformed into 12 buildings with up to 34 floors and 1,305 households. The total planned construction cost is approximately 473.2 billion KRW.

As this was GS Construction’s first bid since the Incheon Geomdan accident, it is reported that they offered a dramatically reduced construction cost. They proposed 7.18 million KRW per 3.3㎡, significantly lower than the 7.8 million KRW per 3.3㎡ suggested by the association. In particular, GS Construction expressed its commitment to a fresh start by presenting "All new XI," symbolizing new determination, new promises, and a new beginning in this bidding process.

Meanwhile, GS Construction is also putting effort into securing the Noryangjin 1 District project within Noryangjin New Town, which consists of a total of 2,992 households. This large-scale project, with a total budget reaching 1 trillion KRW, is reportedly competing among Samsung C&T, GS Construction, Hyundai Construction, and POSCO E&C.

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