Hyundai Engineering & Construction, Apgujeong3 district 5,175 households·5.5 trillion-won-scale contractor selected

Hyundai Engineering & Construction has been selected as the contractor for the reconstruction of the Apgujeong district in Gangnam-gu. Hyundai Engineering & Construction3 announced the contractor selection in a disclosure on 26. Samsung C&T won the contract for the Apgujeong district4.

1 and 2 Hyundai Engineering & Construction was the only bidder, resulting in failed bidding. If there is only one bidder and bidding fails 2 or more times, the association may enter into a direct contract. The Apgujeong district3 association held a general meeting the previous day and approved the agenda to enter into a direct contract.

The Apgujeong district3 reconstruction project is a large-scale redevelopment that will rebuild the existing 3,934 households into 5,175 households. The district includes Hyundai 1~7 and 10·13·14 blocks, as well as Daelim Villart. The Apgujeong Apartment District Special Planning Zone3 Reconstruction and Redevelopment Project Association is carrying out the project.

The project was valued at 5trillion5,000hundred million won, according to reports. Some accounts also put it at 5trillion won. The project plan was reportedly designed around high-density housing.

Hyundai Engineering & Construction[000720] and Samsung C&T[028260] will each proceed with the contract-signing process with the association. The association completed the contractor selection process by approving a negotiated contract. Related contracts and detailed disclosures can be checked through listed-company disclosures.