Samsung C&T and Hyundai Engineering secure major Gangnam reconstruction projects

Samsung C&T was 5 month 30 day, Sinbanpo19 and 25was finally selected as the contractor for the integrated reconstruction project. The complex is reportedly named Raemian Illucera. Reports said the selection process had been completed.

Hyundai Engineering, on the same day, secured the contract for the Apgujeong5 District reconstruction project. The construction cost for the project was 1 trillion 5,000 hundred million won, according to reports. Reports said related procedures would proceed along with the news of Hyundai Engineering winning the contract.

Apgujeong5 District contract-winning reports mentioned the expression “Apgujeong Hyundai Town.” According to the reports, Hyundai Engineering was said to have presented plans for the surrounding area’s redevelopment, centered on the project. Further announcements are needed on specific designs or sales plans.

Shinbanpo19·25Controversy over fairness surrounding the complex was also reported. 5month 29day document submission process and 2Procedures related to the joint briefing were also called into question. Reports said the controversy continued until just before the selection announcement.

The two projects are classified as large-scale redevelopment projects in the Gangnam area. After selection, the process continues with the signing of contracts between the associations and construction companies, finalization of designs, and permit and approval procedures. The specific schedules and cost-sharing arrangements for each project should be confirmed through association disclosures.