Daewoo E&C vs Samsung C&T: Two-Way Battle for 'Banpo 3rd District' Reconstruction Project Contract

[Asia Economy Reporter Yoo In-ho] Daewoo E&C and Samsung C&T have entered the bid for the reconstruction project of Banpo Jugong Complex 1 District 3 (Banpo 3 Housing District) in Seocho-gu, Seoul.

According to the construction industry on the 10th, only these two construction companies participated in the re-bidding for the selection of the contractor for Banpo 3 Housing District, which closed on the same day. Daewoo E&C submitted a bid bond of 80 billion KRW and a proposal to the association the day before and completed the bid first. Daewoo E&C proposed the new complex name as 'Trilliant Banpo.'

A Daewoo E&C official said, "With strong determination to win the bid and thorough preparation, we completed the bid one day earlier than the scheduled deadline," adding, "We will present the only landmark brand in Korea that surpasses 'Hannam The Hill,' the most expensive apartment built by Daewoo E&C."

Samsung C&T submitted a performance bond (60 billion KRW) and a bid proposal to the association on the same day. Earlier, on the 6th, Samsung C&T had already paid 20 billion KRW in cash as part of the bid bond. Samsung C&T has entered the domestic redevelopment and reconstruction project bidding after five years.

Samsung C&T explained, "Banpobon-dong, known as Old Banpo, was the first area developed in the current Gangnam region and where apartment living culture began, making it a place of great pride for residents," adding, "To inherit the residents' pride and provide residential value that families want to live in for generations, we proposed the concept 'Old Banpo Prestige' by Raemian."

The Banpo 3 Housing District reconstruction project involves demolishing 1,490 apartment units located at 1109 Seocho-gu, Seoul, and rebuilding into a complex of 2,091 units ranging from three basement floors to 35 above-ground floors. The construction cost alone amounts to 808.7 billion KRW, making it a large-scale project.

Previously, the Banpo 3 Housing District reconstruction association selected HDC Hyundai Development Company as the contractor in 2018, but after ongoing conflicts over construction costs and other issues, the construction contract was terminated in December last year.