 |
Conceptual rendering of the Apgujeong District 5 redevelopment plan [Courtesy of the Seoul Metropolitan Government] |
[Alpha Biz= Kim Jisun] Hyundai Engineering & Construction has pledged strong legal action after alleging that an employee of a rival firm secretly photographed bid documents during the tender process for the Apgujeong District 5 redevelopment project in Seoul.
In a statement released on April 14, Hyundai E&C said it would respond firmly to any actions that undermine fair competition, adding that it will further strengthen its “clean bidding” principles to protect the interests of project members.
According to industry sources, the controversy arose on April 10 during the opening and verification of bid documents following the submission deadline. A representative from DL E&C was reportedly found to have taken photos of the documents, sparking the dispute.
Hyundai E&C claimed that despite repeated instructions from the redevelopment association prohibiting photography, the individual used a concealed pen camera to secretly capture the documents without the knowledge of the association or the company. The incident led to a temporary suspension of project procedures and disrupted the association’s schedule.
The company stated that legal counsel has determined the act constitutes a serious violation that damages the legality and fairness of competitive bidding practices. Hyundai E&C has since filed a criminal complaint with the police against those involved.
“Sealing bid documents is a critical mechanism to prevent information asymmetry among bidders and ensure a level playing field,” the company said. “If fair competition principles are compromised, the entire redevelopment bidding environment risks being distorted, ultimately harming project members.”
Hyundai E&C emphasized that it will continue to prioritize transparency and fairness in all redevelopment bids and will take a firm stance against any illegal or irregular practices.
The Apgujeong District 5 project, which involves the reconstruction of Hanyang Apartments Phase 1 and 2, is being carried out under Seoul’s fast-track integrated planning framework. Upon completion, the development will consist of eight residential buildings rising up to 68 stories, with a total of 1,397 housing units.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
