GS Construction Selected as Preferred Bidder for Baeksamaeul, the Last Hill Village in Seoul

[Asia Economy Reporter Kim Hyemin] GS Engineering & Construction announced on the 30th that it has been selected as the preferred negotiation partner for the redevelopment project of Baeksamaeul in Junggye-bondong, Nowon-gu, Seoul.

GS Engineering & Construction participated solely in both the first and second rounds of bidding for the construction company selection. The association plans to hold a general meeting of members on the 26th of next month to decide whether to select GS Engineering & Construction through a private contract.

The project involves developing a total of 2,437 households, including 1,953 apartment units and 484 public rental housing units, on a total site area of 186,965㎡. GS Engineering & Construction will be responsible for constructing 34 buildings ranging from five basement floors to 20 above-ground floors, comprising 1,953 households and ancillary welfare facilities. The estimated construction cost is 499.2 billion KRW (excluding VAT), according to the company. The disclosure period is 37 months from the start of construction.

Baeksamaeul, located in the 30-3 area of Junggye-bondong, Nowon-gu, is known as Seoul's last dal-dongnae (old hillside village). The village was formed in 1967 when demolition victims living in Cheonggyecheon and Yeongdeungpo were forcibly relocated for urban development, but due to poor living conditions, it was practically close to a refugee camp. While other settlements transformed into apartment complexes after the 1980s, Baeksamaeul remained restricted as a development-limited zone since 1971.

Although it was released from the development restriction zone in 2008, redevelopment projects were stalled for a long time due to low profitability and resident conflicts. However, the project gained momentum after the Seoul Metropolitan Government approved the project implementation plan for Baeksamaeul redevelopment in March of this year.