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Courtesy of Samsung C&T |
[Alpha Biz= Paul Lee] Seoul, Sept. 2 — The highly anticipated redevelopment of Yeouido Daegyo Apartment, considered one of the largest urban renewal projects in Seoul for the second half of the year, has effectively paved the way for Samsung C&T’s uncontested entry after rival Lotte E&C withdrew from the tender.
According to the Yeouido Daegyo Apartment Reconstruction Association, bidding for the reconstruction contractor closed at 2 p.m. on Sept. 2 with Samsung C&T as the sole participant. The company confirmed its commitment by submitting a 40 billion KRW (approx. USD 29 million) bid deposit in full cash.
Initially, competition was expected between Samsung C&T and Lotte E&C, which had publicly signaled interest by installing promotional banners at the project site. However, Lotte ultimately decided not to participate, reportedly to focus resources on other high-profile projects such as the Gaepo Woosung 4th Apartment redevelopment in Gangnam District.
Industry insiders view Samsung C&T’s potential uncontested win as a strategic boost in its reconstruction portfolio, strengthening its presence in both Yeouido and the wider Seoul redevelopment market.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
