Hannam Heights Reconstruction to be Built by GS Construction... Contractor Selected at General Meeting

Perspective view of 'Hannam Xi The River' proposed by GS Engineering & Construction.

[Asia Economy Reporter Yuri Kim] GS Engineering & Construction (GS E&C) has won the construction rights for the Hannam Heights reconstruction project in Oksu-dong, Seongdong-gu, one of the largest redevelopment sites in northern Seoul.

On the 18th, the Hannam Heights Apartment Housing Reconstruction Maintenance Project Association announced at an extraordinary general meeting held at Oksu Church in Seongdong-gu that GS E&C was selected as the joint project executor with 281 votes. Out of the total 557 association members, 510 participated in the decision on agenda item No. 1, 'Selection of Joint Project Executor,' meeting the quorum. Hyundai Engineering & Construction, which also participated, received 228 votes and was defeated. There was 1 abstention.

For the Hannam Heights reconstruction, GS E&C presented a design plan emphasizing terraces called 'Hannam Xi The River.' In a pre-presentation held before the general meeting, they announced plans to increase the number of units with views of the Han River to 305 and include 347 terrace-type units, leveraging the advantage of the riverside location. The top floor will feature a 'rooftop terrace,' the first floor will have terraces with front yards, and the middle floors will include 'pocket terraces' and open balconies.

As for community facilities, GS E&C plans to upgrade the existing fitness center, swimming pool, and sauna included in the association’s plan, and add a sky lounge, pet caf?, audio room, and guest house. GS E&C emphasized that their design is a 'feasible alternative design' with minor changes within 10% of the existing association plan. The construction cost was proposed to be 13.2 billion KRW lower than the association’s estimated amount. To reduce the association’s financial burden, the construction cost calculation base date reflecting inflation was set three months later than competitors. They also proposed a project promotion fee of 55 billion KRW.

The Hannam Heights reconstruction is considered one of the largest redevelopment projects in northern Seoul, alongside the Hannam 3 District redevelopment in Hannam-dong, Yongsan-gu. The project involves demolishing 535 apartments built in 1982 at 220-1 Oksu-dong, Seongdong-gu, and constructing 10 new buildings with 790 units. The site offers views of the Han River and faces Apgujeong-dong, one of Gangnam’s representative affluent neighborhoods, across the river, making the project’s contract outcome influential in future major redevelopment and reconstruction bids. Although administratively located in Oksu-dong, it is also close to 'Hannam The Hill' in Hannam-dong, Yongsan-gu, known as one of Korea’s most luxurious apartments.

Park Ho-sung, chairman of the Hannam Heights reconstruction association, said, "In previous redevelopment projects, Seoul City’s intensive criticisms focused on excessive design proposals that confused association members’ judgment and monetary benefits to members, which are strictly prohibited by law. We made efforts to ensure the contractor selection process complied with these points." He added, "We will work with the selected contractor to derive the optimal plan and proceed with future procedures such as management disposition approval."