Apgujeong5District, Hyundai E&C; Shinbanpo19·25th selected Samsung C&T

30day, Apgujeong5District reconstruction association selected Hyundai E&C as its construction contractor. On the same day, Shinbanpo19·25th reconstruction association chose Samsung C&T as its construction contractor. News of the contractor selections for the two projects was released over a period of 30to31days.

Apgujeong5District reconstruction project has been discussed as having a project cost of 1trillion5,000hundred million won. With the contract, Hyundai E&C will promote its “Apgujeong Hyundai Town” brand in the Apgujeong area. The association will proceed with contract procedures with the construction contractor.

Shinbanpo19·25th association chose Samsung C&T’s proposal. The complex brand proposed by Samsung C&T is known as “Raemian Illucera.” The vote was reported to have been extremely close.

Hyundai E&C is separately conducting first-come, first-served contract signings for Hillstate Seonam Lake Park in Ulsan. The project follows a process in which sales and contract procedures take place simultaneously. Hyundai E&C is supplying the complex under its Hillstate brand.

The contract between the association and the construction company sets out key terms, including construction costs, sale prices and the construction schedule. Construction commencement and sales schedules are finalized after the contract is signed. The relevant details can be confirmed in materials disclosed by the association and the construction company.

With these contract awards, Hyundai E&C and Samsung C&T have each secured a large-scale reconstruction project built around their respective brands. The two companies will proceed with the projects based on the association’s construction costs and sales plans. Further disclosures and contract details are the next step.