Samsung C&T Signs Construction Contract for Shinbanpo 4th Reconstruction Project

Contract Signed Four Months After Contractor Selection

The Construction Division of Samsung C&T Corporation (hereinafter referred to as Samsung C&T) announced on August 5 that it has signed a construction contract with the Shinbanpo 4th Reconstruction Association.

Ramian Heriven Banpo bird's-eye view. Provided by Samsung C&T Corporation

Samsung C&T was selected as the contractor on March 29 and signed the contract with the association after approximately four months. The construction cost is estimated at about 1.031 trillion KRW.

Samsung C&T explained, "We built a relationship of trust with the association by reflecting the construction cost, financial terms, and other conditions initially proposed in the bid proposal in the final contract."

Previously, the Shinbanpo 4th Reconstruction Association officially launched the project by completing the integrated review application process with Seocho District Office on July 30, as part of the required licensing procedures.

The Shinbanpo 4th Reconstruction Project involves developing a site of 92,922 square meters at 70 Jamwon-dong, Seocho-gu, Seoul, with seven buildings ranging from three basement levels to 48 above-ground floors, totaling 1,828 residential units. Samsung C&T has proposed 'Raemian Heriven Banpo' as the new name for the complex.

The site is adjacent to Express Bus Terminal Station, an interchange station for subway lines 3, 7, and 9, and is close to educational facilities such as Banwon Elementary School, Kyungwon Middle School, and the planned Cheongdam High School, as well as major amenities including Shinsegae Department Store, Newcore Outlet, and Seoul St. Mary's Hospital, making it one of the most central locations in Banpo.

For the Shinbanpo 4th project, Samsung C&T has collaborated with SMDP, the American architectural design group that worked on the Raemian One Bailey project, as well as global designers such as Ron Arad and Nicola Galizia, to apply innovative designs to features like the sky community, atrium, and penthouses.

Samsung C&T stated, "We will do our utmost to further enhance Shinbanpo 4th, located at the heart of Banpo, which leads Korea's residential culture, and we plan to solidify the image of 'Banpo equals Raemian.'"

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