Samsung C&T Selected as Contractor for 'Bangbae Shin Samho' Reconstruction Project Worth 653.8 Billion Won [Real Estate AtoZ]

Transformation from 481 to 928 Units
New Complex Name: "Raemian Leperium"

Samsung C&T has been selected as the contractor for the reconstruction project of the 'Bangbae Shin Samho' apartment complex in Seocho-gu, Seoul. The project, which had faced significant challenges in selecting a contractor since the establishment of the association, has finally made progress.

According to Samsung C&T on June 14, the Bangbae Shin Samho reconstruction association held a general meeting the previous day and approved the proposal to appoint Samsung C&T as the contractor.

Aerial view of 'Raemian Leperium' in Bangbae-dong, Seocho-gu, Seoul. Lotte Construction

This complex received approval to form a promotion committee in 2004 and completed the establishment of its association in 2019. However, it was unable to make progress in the contractor selection stage. Last year, a proposed private contract with IPARK Hyundai Development Company, which had been the preferred bidder, was rejected at the general meeting. Subsequently, a new executive team was launched, promising to bring in Samsung C&T. In January, the association selected Samsung C&T as its preferred negotiation partner through a private contract, and at this general meeting, finalized the contractor appointment.

Completed in 1981, the Bangbae Shin Samho apartment complex currently consists of 481 units. Through reconstruction, it will be transformed into a new complex with seven buildings, ranging from five basement levels to 41 floors above ground and totaling 928 units. The project site covers 44,106 square meters in the Bangbae-dong area and will also include neighborhood living facilities. The construction cost is approximately 653.8 billion won. Samsung C&T has proposed 'Raemian Leperium' as the new name for the complex.

Samsung C&T plans to create a sky community at the tallest point, up to 41 floors high. The design takes into consideration views of Umyeon Mountain, Seoripul Park, the Han River, and Namsan Tower. The layout of the residential buildings will be adjusted from the existing plans to create a central plaza of about 7,600 square meters.

The community facilities will feature 55 programs, including a fitness center, golf club, and swimming pool. Some facilities will be directly accessible from each building. In collaboration with a fragrance marketing company, a unique signature scent will be infused throughout the complex. The latest patented first-class floor structure and seismic premium grade design will also be applied.

Lim Cheoljin, Executive Vice President and Head of Housing Business at Samsung C&T, stated, "Since this project was awarded based on the trust of the association members, we intend to focus all of Samsung C&T’s capabilities on it. We will maximize the symbolic and future value befitting the status of an original luxury residential area and develop it into a landmark complex that represents the region."

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