Hyundai E&C and DL E&C, Apgujeong5 District 1 trillion 4,960 billion won race

Seoul’s Gangnam district, Apgujeong5 district reconstruction project is nearing its contractor selection meeting. Apgujeong5 Apgujeong Hyundai apartments 1 and 2 are being rebuilt together. The meeting will be held on 5 in 30.

The project plan calls for 5 underground floors and 68 above-ground floors. It involves building 8 buildings and 1,397 residential units. Its location along the Han River and school district make it one of the major reconstruction projects this year.

Hyundai E&C proposed “Apgujeong Hyundai Galleria” as the complex’s name. The company said this would carry on the symbolism and tradition of Apgujeong Hyundai Apartments. Hyundai E&C previously won the contract for 2, and was selected as the preferred negotiating party for 3.

DL E&C proposed “ACRO Apgujeong.” It is putting its high-end ACRO brand front and center. Among the various districts in Apgujeong, DL E&C is emphasizing to association members that it is 5focusing its capabilities on the district.

Hyundai Engineering proposed a total construction cost of 1trillion 4,960hundred million won. The company said its proposal included items that the association might otherwise have to pay for separately later, such as approval costs for alternative designs and construction cost verification costs. The proposal is intended to reduce the burden on association members.

For its financing terms, it proposed an interest rate of COFIX+0.49 percent. It also put forward a fixed-rate condition under which Hyundai Engineering would bear the cost if the funding rate exceeded this level. The contractor selection result will be 5month 30day at the general meeting.