GS E&C has been selected to build the Seongsu Strategic Redevelopment Zone 1 project in Seongdong-gu, Seoul, a redevelopment valued at about 2.1 trillion won. With the deal, the company’s urban renewal orders this year have topped 4 trillion won.
According to the redevelopment industry on April 27, the Seongsu 1 redevelopment association approved GS E&C as the contractor at a regular general meeting held April 25. GS E&C was the sole bidder in two rounds of bidding held in February and March. Under Korea’s Urban and Residential Environment Improvement Act, competitive bidding is the rule, but if a tender fails at least twice due to a single bidder, the project can shift to a negotiated contract.
GS E&C proposed the complex name ‘RIVENIQUE XI’ (RIVENIQUE XI). The name combines the French word for river, ‘Rivière,’ and ‘Unique,’ meaning something special.
The Seongsu 1 redevelopment will build 17 apartment towers, from four basement levels up to 69 stories, with 3,014 households and ancillary and welfare facilities on a 194,398-square-meter site in Seongsu-dong 1-ga. The construction cost is 2.154 trillion won, the largest among Seongsu districts 1 through 4.
GS E&C previously secured contracts including the Songpa Hanyang 2nd reconstruction project in Songpa-dong, Songpa-gu (685.6 billion won) and the Gaepo Woosung 6th reconstruction project in Gaepo-dong, Gangnam-gu (215.4 billion won). With the Seongsu 1 deal, its order total for this year reached 4.0259 trillion won.
* This article has been translated by AI.
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