Seongsu Zone 3: Samsung C&T Poised for Uncontested Entry

Samsung Is the Sole Participant in the Second Site Briefing on July 13

Samsung C&T Corporation is poised to secure the status of preferred negotiation partner, as it is the sole participant in the selection process for the contractor of Zone 3 of the Seongsu Strategic Maintenance Zone, a major redevelopment site in Seoul with a construction cost of 1.8 trillion won. This increases the likelihood that Seongsu Zone 3 will be transformed into Samsung's 'Raemian' high-rise landmark.

On the 13th, only representatives from Samsung C&T Corporation's construction division attended the site briefing for the Housing Maintenance-Type Redevelopment Project for the 3rd Residential Area in Seongsu Strategic Maintenance Zone held at a location in Seongdong-gu, Seoul. Photo by Seongah Sim

On July 13 in Seongdong-gu, Seoul, only representatives from Samsung C&T Corporation's construction division attended the site briefing for the Seongsu Strategic Maintenance Zone 3rd Housing Maintenance-Type Redevelopment Project. With this, the probability that Samsung C&T Corporation will secure the position of preferred negotiation partner has risen significantly. Samsung C&T Corporation plans to submit an alternative design to the association on August 12.

According to the association, after the failure of this site briefing to attract other participants, the process to designate Samsung C&T Corporation as the preferred negotiation partner will proceed through a board of directors meeting and a general delegates’ meeting. As early as September 19, the week before Chuseok, a general meeting of residents is scheduled, at which a vote will be held regarding the selection of Samsung C&T Corporation as the contractor.

Seongsu Zone 3 is a maintenance project redeveloping approximately 114,193 square meters at 572-7, Seongsu-dong 2-ga, Seongdong-gu. The total construction cost is 1.8275 trillion won. A total of 2,213 households will be newly constructed in buildings up to 72 stories high.

Previously, Samsung C&T Corporation's construction division, Kumho E&C, and Jeil Construction had shown interest in this area. However, in the first round of bidding held last month, only Samsung C&T Corporation submitted a bid, leading to a failed bid. With only Samsung C&T Corporation participating in the subsequent site briefing, the process has effectively moved toward a private contract. The final bidding deadline for Seongsu Zone 3 is set for 3:00 p.m. on August 28. The bid deposit is 100 billion won.

An association representative said, "The response of association members to the Samsung brand appears to be positive. While it is unfortunate that the process did not take the form of a competitive bid, the image of the Samsung Raemian brand is generally favorable."

The Seongsu Strategic Maintenance Zone is a redevelopment area located in Seongsu-dong, Seongdong-gu, Seoul, with a project to construct 9,428 households in 55 apartment buildings across four zones. If Zones 1 to 4 are developed together, a supersized redevelopment complex with approximately 10,000 households will be established along the Han River. Thanks to its river view and highly sought-after location, it has been dubbed the "Banpo of Gangbuk." To date, GS Engineering & Construction has secured the contract for Zone 1, and Lotte Engineering & Construction for Zone 4.

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