Gwacheon Jugong 10 Complex to Use 'Raemian' Brand... Samsung C&T to Proceed with Private Contract

Construction Company Selection Fails Twice

Samsung C&T is on the verge of securing the construction rights for the reconstruction project of Jugong Complex 10 in Gwacheon-si, Gyeonggi Province. The association has selected Samsung C&T as the preferred negotiation partner and is expected to hold a general meeting to finalize the company as the contractor.

Perspective view of Jugong Complex 10 reconstruction in Gwacheon-si, Gyeonggi / Image courtesy of Gwacheon-si

According to the maintenance industry on the 14th, the selection of the contractor for Gwacheon Jugong Complex 10 was once again unsuccessful due to Samsung C&T being the sole bidder. Samsung C&T submitted a bid proposal to the association on the 10th after paying a bid deposit of 20 billion KRW in accordance with the bidding qualification requirements, but there were no competitors. The association required bidders to deposit 5 billion KRW in cash into a designated account at least four days before the bid deadline (the 14th), and submit a performance bond for the remaining 15 billion KRW (with a guarantee period of 120 days) by the deadline.

Samsung C&T has bid alone twice for the contractor selection of Gwacheon Jugong Complex 10. In the first bidding, which lasted until the end of October, Lotte Construction, which was expected to compete, did not attend the site briefing session, leaving Samsung C&T as the sole bidder. However, the bid was invalidated according to the association’s regulation stating that if fewer than two bidders submit proposals, the bidding is not valid and must be re-announced. In the second site briefing session, five construction companies attended, but ultimately only Samsung C&T qualified to bid.

The association, citing regulations that allow for private contracts if bidding fails two or more times due to reasons such as no bids, selected Samsung C&T as the preferred negotiation partner and plans to put the final selection on the agenda for a vote at the general meeting next month.

Gwacheon Jugong Complex 10, which is in its 40th year since completion, is the last reconstruction complex in the area and is considered highly viable for redevelopment due to its low floor area ratio of 86% and its scale of 632 households with exclusive areas ranging from 84 to 125 square meters. Through reconstruction, it is expected to be transformed into a complex with 1,339 households, ranging from two basement floors to 28 above-ground floors.

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