Samsung C&T Wins 350 Billion KRW Contract for New Construction of Yeouido Teachers' Pension Hall

Perspective view of the reconstruction of the Seoul Hall of the Private School Teachers' Pension in Yeouido, Seoul (Photo by Samsung C&T)

[Asia Economy Reporter Moon Jiwon] Samsung C&T has consecutively won contracts for the new construction of the Teachers' Pension in Yeouido, Yeongdeungpo-gu, Seoul, and the Smart Village construction project in Busan.

Samsung C&T announced on the 24th that it was selected as the contractor for the new construction of the Teachers' Pension Seoul Hall, commissioned by Cockleptif Entrusted Real Estate Investment Company. The project is valued at 350 billion KRW.

The new construction of the Teachers' Pension Seoul Hall is a redevelopment project of the existing Teachers' Pension Seoul Hall located at 27 Yeouinaru-ro, Yeongdeungpo-gu, Seoul. The building will be reborn as a super high-rise structure with 6 basement floors, 42 above-ground floors, and a height of 220 meters. Samsung C&T won the contract independently. Construction is scheduled to begin next month and be completed by December 2023.

Samsung C&T has experience constructing super high-rise office buildings overseas, including the 290m Tanjong Pagar mixed-use development in Singapore, the 213m Jakarta International Financial Center 2 in Indonesia, and the 285m Rasuna Tower. Domestically, it has constructed Samsung Seocho Tower (203m), Gangdong East Central Tower (150m), and Yeouido KB Kookmin Bank Integrated Building (117m).

Samsung C&T also secured the Smart Village development project in Eco Delta City, Busan, as a self-initiated project. Construction started this month and is expected to be completed by December next year.

Busan Eco Delta City is a project jointly promoted by Busan City, Korea Water Resources Corporation, and Busan Urban Corporation. It involves developing approximately 11.77 square kilometers in Gangseo-gu, Busan, into a waterfront ecological city, an international waterfront cultural city, and a future industrial logistics service city.

Within the Eco Delta City project site, Samsung C&T will build 37 block-type detached houses with 3 floors above ground and exclusive areas ranging from 116 to 155 square meters, along with a community center in Block 5-2. After completion, the Smart Village will be leased by Korea Water Resources Corporation and operated as a Living Lab.

A Samsung C&T official said regarding the contract win, "It signifies recognition of our expertise in constructing super high-rise urban office buildings," adding, "It is highly meaningful as it allows us to gain experience in technology and infrastructure development for future smart city construction."