Samsung C&T Wins 'Banpo 3rd District' "Combining Raemian Expertise to Build a Landmark"

Received 686 Votes out of 1,316 Members... Vote Rate 52%

Banpo 3rd District Gate (Photo by Samsung C&T)

[Asia Economy Reporter Moon Jiwon] Samsung C&T has been selected as the construction company for the Banpo Jugogu 3 District (Banpo 3 Jugogu) reconstruction project in Banpo-dong, Seocho-gu, Seoul, after fierce competition with Daewoo E&C. Samsung C&T stated, "We proposed the best business conditions, including 100% post-completion sales," and expressed their commitment to "meet the expectations of the union members."

On the 30th, at the Banpo 3 Jugogu reconstruction union construction company selection general meeting held at the COEX Grand Ballroom in Samseong-dong, Gangnam-gu, Seoul, Samsung C&T received 686 votes (52% of the vote) out of 1,316 union members present (including early voting), surpassing competitor Daewoo E&C to secure the construction rights.

Samsung C&T returned to urban maintenance projects after five years since winning the reconstruction project that combined Shinbanpo 3rd and Gyeongnam Apartments (Raemian One Bailey) in 2015, successfully securing projects in Seocho-gu’s Shinbanpo 15th and Banpo 3 Jugogu consecutively.

In the case of Banpo 3 Jugogu, Samsung C&T’s victory is considered particularly meaningful as both Samsung C&T and Daewoo E&C fiercely competed by offering unprecedented conditions.

Having won Banpo 3 Jugogu, Samsung C&T emphasized once again that it will mobilize the full capabilities of Raemian’s 20 years of experience to build Banpo 3 Jugogu as a new landmark and introduce a differentiated residential culture.

They plan to collaborate with renowned overseas design firms to create a landmark exterior design inspired by the shape of a refined jewel, and to establish a natural forest in the center of the complex that is three times the size of a soccer field. Additionally, Samsung C&T will work with a global commercial consulting firm to apply differentiated designs and brands to the Banpo 3 Jugogu commercial area.

Samsung C&T believes that proposing the best business conditions, such as '100% post-completion sales,' based on a solid financial structure and stable funding capabilities, was effective. Post-sale involves income after completion, which places a heavy burden on construction cost financing, but unlike pre-sale, it can avoid the price ceiling system, thus improving profitability.

Samsung C&T emphasized, "We plan to meet the expectations of union members who want rapid project progress through groundbreaking project period reduction."

Lee Young-ho, President of Samsung C&T’s Construction Division, attended the general meeting and said, "We will mobilize Samsung C&T’s products, technology, and service capabilities to create a monumental work that will be remembered in Raemian’s 20-year history," adding, "Samsung is a company that prioritizes customer satisfaction and trust above all, and we will definitely keep the promises we have prepared and made, constructing apartments whose value will shine more over time."

The Banpo 3 Jugogu reconstruction project is a project to reconstruct 1,490 households in the area of 1109 Banpo-dong, Seocho-gu, Seoul, into 2,091 households across 17 buildings ranging from three basement floors to 35 above-ground floors. The total construction cost is approximately 808.7 billion KRW.