The Yeouido Simbeon Apartments, considered a major reconstruction project in Seoul, have received approval for their redevelopment plan. After 55 years since its completion in 1971, the project will transform the site into a 59-story complex with 2,491 housing units.
According to the construction industry on October 14, the Yeongdeungpo District of Seoul notified Korea Asset Trust of the 'Yeouido Simbeon Apartments Reconstruction Project Approval' on October 13. The official announcement of the project approval is set to be published on the district's website and in the district bulletin on October 15.
The project site is located in Yeouido-dong, Yeongdeungpo District, covering an area of 109,307.8 square meters. The approved plan includes a residential complex with 21 buildings, ranging from six underground floors to a maximum of 59 above-ground floors, totaling 2,491 units. The floor area ratio is set at 399.72%.
Currently, the Simbeon Apartments consist of 24 buildings with 1,584 units. Upon completion of the reconstruction, the number of units will increase by 907. Given its location along the Han River and near the Yeouido financial district, this site has been identified as a key area for the Yeouido reconstruction project.
The Simbeon Apartments, built in 1971, represent one of the oldest complexes in Yeouido. In 2017, Korea Asset Trust was designated as the project developer, and the project has been pursued through a trust method. It is the first project in Yeouido to apply the Seoul Rapid Integrated Planning. The project gained momentum after passing the conditional review by the Seoul City’s integrated construction project committee in November last year. Following this, the project approval application and public consultation process were completed, leading to the current project approval.
The project approval is a procedure that confirms the specific design, number of units, and construction plans for the reconstruction. With this approval secured, subsequent steps including management plan approval, relocation, demolition, and construction commencement will follow.
The selection of a construction company is also underway. In August, Korea Asset Trust held its first bidding for the construction company, but only Samsung C&T participated, resulting in no competitive bidding.
During the first site briefing, seven construction companies, including Samsung C&T, Daewoo Engineering & Construction, GS Engineering & Construction, IPARK Hyundai Industrial Development, Hoban Construction, Kumho Construction, and Jeil Construction, attended, but only Samsung C&T submitted a bid.
After the first bidding was unsuccessful, Korea Asset Trust moved to a re-bidding process. In the second site briefing, only Samsung C&T attended, solidifying its position as the sole contender. The deadline for the second bidding is December 3.
The estimated construction cost for this project is around 11.5 million won per 3.3 square meters, totaling over 2 trillion won. If Samsung C&T is the only bidder again in the second round and the bid fails, the company may be selected through a negotiated contract process according to relevant procedures.
With the project approval for the Simbeon Apartments completed, the Yeouido reconstruction efforts are entering a significant execution phase. Not only the Simbeon Apartments but also major complexes like Hanyang and Daegyo are progressing through the approval processes, rapidly changing the landscape of the long-stagnant residential area in Yeouido.
A construction industry official stated, 'The Simbeon Apartments have been regarded as a benchmark for Yeouido's reconstruction due to their scale, location, and significance. If the construction company selection is completed by the end of the year, attention will shift to the establishment of the management plan and relocation schedule.'
* This article has been translated by AI.
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