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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] The bidding process for the construction of the Jamsil Woosung 1, 2, and 3 reconstruction project, valued at ₩1.7 trillion, has been canceled due to GS Engineering & Construction (GS E&C) being the sole bidder.
According to the Jamsil Woosung 1, 2, and 3 Reconstruction Association on Tuesday, the bidding deadline for selecting a contractor closed at 2:00 PM, with only GS E&C submitting a proposal. Samsung C&T, which was expected to compete with GS E&C, ultimately decided not to participate, leading to the tender being voided due to a lack of competition.
A representative from Samsung C&T stated, “After comprehensive consideration of various factors, we decided not to take part in this bid.”
The Jamsil Woosung 1, 2, and 3 reconstruction project aims to develop a 120,354㎡ site in Jamsil-dong, Songpa-gu, Seoul, constructing 2,860 residential units in buildings ranging from four basement levels to 49 above-ground floors. The total construction cost is estimated at approximately ₩1.6934 trillion.
This marks the second time the bidding process has been canceled. In September last year, the first tender also failed due to GS E&C being the sole bidder.
To attract more competition, the association later increased the construction cost from ₩8.8 million to ₩9.2 million per 3.3㎡ and eased contract conditions. As a result, six major construction firms, including GS E&C, Samsung C&T, Hyundai Engineering & Construction, Daewoo E&C, Kumho E&C, and Jinheung Construction, expressed interest. Samsung C&T, in particular, showed strong enthusiasm, raising expectations for a showdown with GS E&C.
The association plans to issue another bidding announcement soon.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
