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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Hyundai Engineering & Construction announced on April 20 that it has been selected as the preferred bidder for the Apgujeong District 3 redevelopment project in Gangnam, Seoul.
The project is valued at approximately KRW 5.561 trillion (USD ~4.1 billion), making it one of the largest urban redevelopment projects in South Korea.
The company noted that the designation was made following a transition to a negotiated contract process after two unsuccessful bidding rounds, in accordance with Article 24 of the Enforcement Decree of the Urban and Residential Environment Improvement Act.
However, Hyundai E&C emphasized that being named the preferred bidder does not guarantee final contractor status. The selection must still be approved through a general meeting of the redevelopment association’s members.
Earlier in the day, Hyundai E&C was the sole participant at the second on-site briefing session for the project, resulting in another failed bid following the first tender round.
The project is expected to draw significant attention given its scale and prime location in Seoul’s Gangnam district.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
