Samsung C&T: "Identical Floor Area Ratio for Sinbanpo 19th and 25th... Saleable Area Increased by 64㎡ Each"

A 443.4 Billion KRW Face-Off Against POSCO E&C

Proposing Solutions to Expand Saleable Area and Minimize Conflicts

Highlighting Experience in Banpo Integrated Reconstruction, Including One Bailey

Samsung C&T Corporation has proposed a design plan that applies the same floor area ratio to each complex in the bidding competition for the integrated reconstruction of Sinbanpo 19th and 25th complexes in Seocho-gu, Seoul, where it is competing against POSCO E&C. The plan aims to increase the saleable area on both sides by 64㎡ (19.4 pyeong) each, thereby enhancing business feasibility, while also seeking to reduce conflicts between complexes and construction delays—key variables in integrated reconstruction projects.

On April 26, Samsung C&T Corporation stated, "For the successful execution of the Sinbanpo 19th and 25th Integrated Reconstruction Project, we have proposed a 'customized master plan for integrated reconstruction.'" The company added, "Since integrated reconstruction projects require consideration of each complex's location, conditions, and existing redevelopment plans, a balanced design for the entire area is essential." Samsung C&T Corporation highlighted, "Our proposal is possible due to our experience and know-how from successfully executing major integrated reconstruction projects in the Banpo area, such as Raemian One Bailey, Riocent, and Banpo Riche."

Perspective rendering of "Raemian Illucera," proposed by Samsung C&T Corporation to the Sinbanpo 19th and 25th Integrated Reconstruction Association. Samsung C&T Corporation

This project involves integrating Sinbanpo 19th, Sinbanpo 25th, Hanshin Jinil Villat, and Jamwon CJ Village in the Jamwon-dong area to build an apartment complex with up to 49 stories and 614 units. The construction cost proposed by the association is approximately KRW 443.4 billion. Integrated reconstruction projects are more complex than general redevelopment due to multiple stakeholders. Each complex differs in land location, existing number of units, and stakeholder interests, making it easy for conflicts to arise regarding floor area ratio, ratio of rental apartments, and community facility allocation. If either side perceives an imbalance in business benefits, internal disagreements can intensify, potentially leading to delays in permits and project progress.

Samsung C&T Corporation proposed applying a floor area ratio of 299.99% equally to both Sinbanpo 19th and 25th complexes as per the redevelopment plan. Through this, the saleable area was expanded by 64㎡ for each side. Assuming a general sale price of KRW 100 million per 3.3㎡, Samsung C&T Corporation explained that a combined additional sales revenue of approximately KRW 3.9 billion can be expected. The proportion of rental units will remain as originally planned by the association—34 units for Sinbanpo 19th and 41 units for Sinbanpo 25th—thereby eliminating grounds for disputes between complexes and preemptively preventing project delays.

The layout of the complexes also focuses on maintaining balance between the two sides. Instead of the original plan's seven buildings, the proposal reduces the number to six, with three buildings on each side for Sinbanpo 19th and 25th. Two landmark buildings, each 180 meters tall, will be placed in the center of the complex to ensure that neither side is marginalized. In collaboration with the Chicago-based global design group SMDP, the design ensures that all 446 association members will have a view of the Han River.

The space secured by reducing one building will be used to create a large sunken plaza and a themed square covering approximately 5,900㎡ (1,784 pyeong). The public pedestrian pathway will maintain its original starting and ending points, preserving the existing redevelopment plan while simplifying the routes. The angles of the residential buildings will also be adjusted, widening the distance between buildings to a maximum of 132 meters. The proposed name for the complex is 'Raemian Ilucherra.'

Night view of Raemian Illucea. Samsung C&T Corporation

Lim Cheoljin, Head of Housing Sales Division at Samsung C&T Corporation, stated, "The integrated reconstruction of Sinbanpo 19th and 25th is not simply a physical combination, but a process of creating a new landmark complex in Banpo." He added, "Based on a balanced master plan—which is the key to integrated reconstruction—we will promote a project that embodies both business feasibility and symbolic value."

The bidding competition, now narrowed down to Samsung C&T Corporation and POSCO E&C, will be decided at the general meeting of association members on May 30. This is the first time in about two years and three months that the two companies have competed for a redevelopment project since the Busan Chokjin 2-1 District project in 2024. At that time, POSCO E&C secured the construction contract by winning 58% of the votes at the association's general meeting, surpassing Samsung C&T Corporation.

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