Samsung C&T on the Verge of the "KRW 10 Trillion Club," Sets Sights on Mokdong After Yeouido (Comprehensive)

Cumulative contract wins reach KRW 9.6 trillion, surpassing last year's total

Could top KRW 10 trillion with Mokdong Complex 13 win next month

Close behind Hyundai E&C... a clear two-horse race

Samsung C&T has won the contract to rebuild the Sibeom Apartment complex, considered one of the key redevelopment sites in Yeouido, Seoul. As a result, its cumulative contract wins this year have reached KRW 9.6055 trillion, surpassing last year's total. Samsung C&T plans to win the Mokdong redevelopment project next month as well, joining the "KRW 10 trillion club" in urban redevelopment projects.

Bird's-eye view of Raemian Sonelli (Image courtesy of Samsung C&T)

According to Samsung C&T on Oct. 19, Korea Asset Trust, the project operator for the Sibeom Apartment reconstruction project in Yeouido-dong, Yeongdeungpo-gu, Seoul, approved a motion on Oct. 16 at a general meeting of landowners and other rights holders to select Samsung C&T as the contractor.

The project will build 2,480 homes and ancillary facilities on a site around 50 Yeouido-dong, with buildings ranging from six basement floors to a maximum of 59 above-ground floors. The construction cost is approximately KRW 2.2685 trillion. The Yeouido Sibeom Apartment complex was completed in 1971. It is regarded as having set a new standard for high-rise apartment complexes in South Korea by introducing what were then innovative residential features, including elevators, central heating and sit-down kitchens.

Samsung C&T proposed "RAEMIAN SonelY" as the new complex name, combining "Standard," meaning a benchmark, with "One&Only," meaning uniquely unparalleled. Dutch global architecture firm OMA, which designed the Seattle Central Library in the United States, the China Central Television (CCTV) headquarters in Beijing, China, and the Leeum Museum of Art in South Korea, will take part in designing the exterior and skyline.

To enhance the value of the site's location along the Han River, Samsung C&T will reduce the existing layout of 21 buildings in a simple grid pattern to 18 buildings and reposition them to face the river directly. This will increase the number of homes with Han River views from the original 1,616 to 2,032. A sky bridge and community facilities where residents can relax while looking out over the Han River are planned for the 41st floor of the landmark tower.

Having previously won redevelopment contracts for the Daegyo and Mokhwa apartment complexes in Yeouido, Samsung C&T has now also won the Sibeom Apartment project, laying the groundwork for a "Raemian Town" in the area.

"The Yeouido Sibeom Apartment complex is a symbolic development that marked the beginning of apartment living culture in South Korea," said Lim Cheoljin, head of Samsung C&T's Housing Sales Division. "We will bring together all of Samsung C&T's capabilities to create a new benchmark for future housing and a residential masterpiece representing Yeouido."

Bird's-Eye View of Mokdong Complex 13

With this latest contract, Samsung C&T's cumulative contract wins this year have surpassed its total for last year, KRW 9.2388 trillion. Hyundai Engineering & Construction previously strengthened its lead after exceeding KRW 12 trillion in contract wins this year, with Samsung C&T close behind. According to industry sources, Hyundai Engineering & Construction increased its cumulative contract wins to KRW 12.7315 trillion after being selected the previous day as the contractor for the Mokdong Complex 10 reconstruction project in Yangcheon-gu, Seoul.

Since winning the Daechi Ssangyong 1st reconstruction project in April, Samsung C&T has stood out in redevelopment projects, winning contracts for the Apgujeong District 4 reconstruction, the Shinbanpo 19th and 25th reconstruction, the Bangbae Shin Samho reconstruction, the Gaepo Woosung 4th reconstruction, the Mapo Hangang Samsung remodeling, the Yeouido Mokhwa Apartment reconstruction, Seongsu District 3, and the Yeouido Sibeom Apartment reconstruction.

Samsung C&T plans to win the contract to rebuild Mokdong Complex 13, with the contractor selection scheduled for next month. The project's estimated construction cost is KRW 2.3763 trillion. If it wins the contract, Samsung C&T's cumulative contract wins will reach KRW 11.9819 trillion. Industry sources say the company is likely to be selected as the final contractor, having been named the preferred bidder for the project.

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