'4 Trillion Won Mega Project Bidding War' Begins as Seongsu District 2 and Mokdong Complex 12 Start Selecting Contractors

Site Briefing for Contractor Selection on July 15

Combined Estimated Construction Cost for Both Complexes: 3.8025 Trillion Won

GS Engineering & Construction Shows Strong Bidding Interest in Mokdong Complex 12

DL E&C and IPARK Hyundai Development Company Are Leading Contenders for Seongsu District 2

As Mokdong Complex 12, the core of reconstruction in southwestern Seoul, and Seongsu Strategic Redevelopment Zone District 2, a major project along the Han River, both begin the process of selecting construction companies on the same day, the Seoul redevelopment market is set to witness a large-scale bidding war worth a total of 4 trillion won.

Apartment view in Mok-dong, Yangcheon-gu, Seoul. The Asia Business Daily DB

The Mokdong Complex 12 Apartment Reconstruction Association and the Seongsu District 2 Redevelopment Association announced tenders for construction bids on July 7. The combined estimated construction cost for the two complexes reaches 3.8025 trillion won.

The Mokdong New Town area, where Mokdong Complex 12 is located, consists of a total of 14 complexes and approximately 40,000 aging apartment units, and is the largest battleground for redevelopment in southwestern Seoul, transforming into a new residential town.

The Mokdong Complex 12 apartment reconstruction project targets 127,339.5 square meters in the area of 326 Sinjeong-dong, Yangcheon-gu, Seoul. Plans call for the construction of high-rise residential buildings of up to 43 stories, with 2,810 apartment units and various community facilities.

The total project cost is 1,788,811,316,600 won. The construction cost per 3.3 square meters is set at 9.8 million won. The contractor will be selected through open competitive bidding, and joint ventures are not permitted. The bid deposit totals 80 billion won (40 billion won in cash and 40 billion won in performance bond insurance). A site briefing will be held at the association office on July 15.

GS Engineering & Construction is reportedly showing the most active interest in winning the Mokdong Complex 12 project. The company plans to propose the development as a specialized complex by collaborating with Gensler, the global architectural firm known for designing Incheon International Airport and the NVIDIA headquarters. A GS Engineering & Construction representative said, "We are actively preparing to participate in the bidding to meet the association's needs."

The Mokdong New Town reconstruction process is in full swing. Last month, Complex 6 became the first to finalize its contractor, while site briefings have been held for the selection of contractors for Complexes 10 and 13. Large construction firms are intensifying their promotional campaigns for the remaining complexes. Hyundai Engineering & Construction and Daewoo Engineering & Construction have opened promotional centers in the Mokdong area to actively communicate with residents.

The estimated construction cost for Seongsu Strategic Redevelopment Zone District 2 is 2,013,739,400,000 won, making it the largest among the four districts of the Seongsu Strategic Redevelopment Zone. This project involves redeveloping 131,980 square meters in the area of 506 Seongsu 2(i)-ga 1-dong, Seongdong-gu, Seoul, to build high-rise residential buildings of up to 65 stories and various community facilities. The contractor will be selected through open competitive bidding, with joint ventures not allowed, and the bid deposit totals 100 billion won (70 billion won in cash and 30 billion won in performance bond insurance).

DL E&C and IPARK Hyundai Development Company are considered strong contenders for the Seongsu District 2 project.

The Seongsu Strategic Redevelopment Zone, located in the Seongsu-dong area of Seongdong-gu, Seoul, is a redevelopment area where a total of 55 buildings with 9,428 apartment units will be constructed across four districts. If all four districts are developed together, it will become a massive redevelopment complex along the Han River with about 10,000 units. Thanks to river views and a highly coveted location, the area is often referred to as the "Banpo of Gangbuk."

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