Lotte Pays Deposit First, Daewoo Responds: Seongsu District 4 Construction Rights Rematch [Real Estate AtoZ]

Main Bid Closes on the 26th
Total Construction Cost Reaches 1.3628 Trillion Won

Lotte E&C and Daewoo E&C are once again competing for the construction contract for Section 4 of the Seongsu Strategic Maintenance District in Seongdong-gu, Seoul, a redevelopment project valued at approximately 1.3 trillion won. After the first bid held in February was invalidated, both companies have announced their intention to participate in the new round of bidding, setting the stage for a rematch.

On May 21, Lotte E&C announced that it had prepaid the entire 50 billion won bid deposit for the Seongsu District 4 redevelopment project in cash. A Lotte E&C representative stated, "We will propose project conditions prioritizing the interests of the association members and tailored exclusively for Seongsu District 4," adding, "In every aspect, from design to brand, we aim to establish Seongsu District 4 as a landmark residential complex representing South Korea."

On the same day, Daewoo E&C also officially expressed its intention to participate. A representative from Daewoo E&C said, "We will participate in the bidding for Seongsu District 4," and added, "We plan to pay the bid deposit on the 22nd." The deadline for the deposit payment is 11 a.m. on the 22nd, and the bidding closes on the 26th.

A view of Seongsu Strategic Maintenance Zone District 4 in Seongdong-gu, Seoul. Daewoo Engineering & Construction

The Seongsu District 4 redevelopment project involves constructing apartment complexes and ancillary and community facilities on an approximately 89,828 square meter site in Seongsu 2(i)-ga 1-dong, Seongdong-gu, with buildings ranging from six basement levels to 64 floors above ground, and totaling 1,439 units. With total construction costs reaching 1.3628 trillion won, it is considered one of the most significant redevelopment projects in Seoul this year.

Lotte E&C has announced plans to apply its premium residential brand, 'Lotte Le-EL,' to the project. The company is emphasizing its advanced high-rise construction technologies and collaborations with global partners as key strengths.

During the first round of bidding, Daewoo E&C proposed the complex name 'THE SEONGSU 520,' highlighting the site's prime location with approximately 520 meters of Han River views incorporated into the complex name.

Previously, in the first bidding round that closed in February, both Daewoo E&C and Lotte E&C participated. However, inspections by the Seoul Metropolitan Government and Seongdong-gu Office found that both companies violated guidelines prohibiting individual promotional activities targeting association members, resulting in the bid being nullified.

Last month, the association announced a new bid and restarted the contractor selection process from scratch. The general meeting to select the contractor is scheduled for June 27.

This content was produced with the assistance of AI translation services.