'440 Billion-Won' Sinbanpo 19·25 Complex Integrated Reconstruction: Samsung vs. POSCO Two-Way Race

On April 16, Samsung C&T proposed 'Raemian Iluchella' as the official name for the integrated reconstruction project of Sinbanpo 19·25 Complex in Jamwon-dong, Seocho-gu, Seoul, entering into a full-fledged competition with POSCO E&C, which has put forward 'The Banpo Autier', to secure construction rights.

Samsung C&T's 'Raemian Ilucera' Rendering. Samsung C&T

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In collaboration with the American architectural firm SMDP, Samsung C&T presented a landmark design that will be the tallest in Banpo at 180 meters. The company also plans to implement the 'Swivel Floor Plan,' which guarantees all 446 union members a view of the Han River. With the Swivel Floor Plan, residents can choose to either receive extended sunlight from the south or face the Han River, by switching the positions of the living room and kitchen according to their lifestyle preferences.

Samsung C&T has a track record of successfully completing integrated reconstruction projects for several complexes in the area, including 'Raemian One Bailey' and 'Raemian Riocent'. Leveraging this expertise, the company plans to meticulously analyze the conditions of each complex to balance the floor area ratio and saleable area, and to expedite the project without disputes.

Samsung C&T stated, "We will transform Sinbanpo 19·25 Complex, a prime location in the Jamwon District, into a new landmark along the Han River and create another iconic Raemian Town in the Banpo area."

Perspective view of POSCO E&C's "The Banpo Hautierre". POSCO E&C

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POSCO E&C, in collaboration with the Dutch architectural firm UNStudio, has proposed a design that maximizes river views from the overall site arrangement down to individual unit layouts. The company suggested a post-sale system and structured the project so that union members would essentially not incur any additional contributions, by offering early financial support totaling 8.92 billion won-2 million won per unit.

POSCO E&C explained, "Previously, when additional funds beyond the basic relocation expenses were needed, relatively high interest rates were applied to extra relocation loans. This proposal is designed to alleviate union members' financial burdens by providing financial support."

The Sinbanpo 19·25 Complex reconstruction is an integrated redevelopment project that combines Sinbanpo 19·25 Complex, Hanshin Jinil, and Jamwon CJ in the Jamwon-dong area into a single complex. Once completed, the site will be transformed into a development comprising seven buildings with four basement levels and 49 above-ground floors, totaling 614 units. The union has proposed a construction budget of approximately 443.4 billion won. Samsung C&T and POSCO E&C both participated in the bidding process for contractor selection, which closed on April 10.

The union plans to hold a general meeting on May 30 to select the contractor.

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