Busan Urban Corporation Selects Contractor for Phase 1 of Centum 2 District Urban High-Tech Industrial Complex
Two Local Construction Consortiums Win Contracts Worth 6 Billion KRW Each
Phase 1 of 170,000 Pyeong Out of 3 Stages to Be Implemented Sequentially
Busan Metropolitan Corporation (BMC) has finalized the contractor for Phase 1 of the Centum 2 District Urban High-Tech Industrial Complex construction project and signed the final contract.
The project site accounts for approximately 9% of the total area of the Centum 2 District Urban High-Tech Industrial Complex, with a project cost of about 12.8 billion KRW.
To efficiently carry out Phase 1, BMC divided the project site into two sections for separate bidding and, to encourage participation from local construction firms, announced the tender on the National Public Procurement Service last month with local restrictions and joint implementation (including the main contractor method) conditions.
A total of 48 companies participated in the bidding for each section. BMC applied the Knock-down system in case the same company became the top bidder for both sections simultaneously. This system requires the top bidder to forfeit all but one bid if they rank first in more than one tender, thereby providing more opportunities for multiple companies to win contracts.
As a result of the bidding, the final winner for Section 1 was a consortium of Geoseong General Construction Architects Office (90%) and Yuksin General Construction (10%), while the consortium of Baeksan Construction (41%), Yurim ENC (39%), and Sungwoo General Construction (20%) was selected for Section 2.
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Kim Yonghak, President of Busan Metropolitan Corporation, stated, "BMC is doing its utmost to ensure the prompt progress of the Centum 2 District Urban High-Tech Industry and to revitalize the stagnant local construction market," adding, "As a regional public enterprise leading ESG management and social responsibility, we will do our best to contribute to community development and mutual growth."
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