Lotte Engineering has made a proactive move by paying the full bid deposit of 50 billion won in cash for the redevelopment project of the Seongsu Strategic Maintenance District 4 in Seoul's Seongdong District, just one day before the deposit deadline.
According to the construction industry on May 21, Lotte Engineering submitted the entire bid deposit to the Seongsu 4 District Redevelopment Association ahead of the deadline of 11 a.m. on May 22. The main bidding deadline for the project is set for May 26.
A representative from Lotte Engineering stated, "We plan to propose differentiated, customized project conditions that prioritize the interests of the association members. Utilizing our unique high-rise construction technology and global partnerships, we aim to create a landmark complex that represents South Korea in every aspect, including design and branding."
The Seongsu 4 District redevelopment project involves constructing 1,439 residential units and supporting facilities across a site of 89,828 square meters, with a planned construction cost of approximately 1.36 trillion won, making it one of the largest projects along the Han River this year.
This bidding process follows the invalidation of the first round of bidding due to violations of promotional guidelines and procedural flaws in the association's operations.
Industry insiders expect a fierce competition between Lotte Engineering and Daewoo Engineering, similar to the first round. Daewoo Engineering is reportedly preparing to complete its deposit payment by the morning of May 22 after conducting internal reviews.
A source from the construction industry noted, "Seongsu 4 District is an optimal location for construction companies to enhance their brand image, thanks to the relaxation of high-rise regulations and accessibility to Gangnam via the Yeongdong Bridge. Given the challenges of the first bidding's invalidation, both companies are likely to present aggressive financial terms and high-end design proposals to win over the association members."
Meanwhile, the Seongsu 4 District Association plans to conclude the main bidding on May 26 and hold a meeting on June 27 to select the final construction company after internal deliberations.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.