GS Construction Joins Jamsil MICE Bid... Joins KITA Consortium

Perspective view of the Jamsil MICE project proposed by the Martial Arts Consortium. (Provided by GS Construction)

[Asia Economy Reporter Kim Hyemin] GS Engineering & Construction is participating in the bidding for the Jamsil Sports and MICE Complex Space Development Private Investment Project (Jamsil MICE Project), promoted by the Seoul Metropolitan Government as part of the Seoul International Exchange Complex District.

GS Engineering & Construction announced on the 6th that it will participate as the construction company in the Korea International Trade Association (KITA) consortium.

This project was originally proposed to the city by the KITA consortium. Since the Seoul Metropolitan Government announced the Jamsil MICE project plan in 2013, GS Engineering & Construction has been a long-term partner closely consulting with KITA on the development direction and plans from the early stages of the project.

A GS Engineering & Construction official said, "We not only have strong commitment to the MICE project but also a high level of understanding of the project," adding, "We have assembled the best domestic partners and possess professional expertise."

The KITA consortium emphasized public interest and professionalism in their proposal. Public interest was secured through KITA, a non-profit corporation, and professionalism was ensured by conducting simulations for over five years before submitting the final proposal. GS Engineering & Construction explained, "The exhibition convention center, sports facilities, and hotels to be established through the Jamsil MICE project will all become public assets and landmarks of future Seoul. Therefore, we focused on the fact that this is an infrastructure project prioritizing public benefit rather than a profit-driven real estate development project."

Construction will involve six of the top ten construction companies based on this year's construction capability evaluation. Led by the main contractor Hyundai Engineering & Construction, GS Engineering & Construction, POSCO Engineering & Construction, Daewoo Engineering & Construction, Lotte Engineering & Construction, and SK Ecoplant will participate. Additionally, KB Financial Group will take charge of stable financing. In the operations sector, CJ ENM, Dreamus Company, and Interpark have been recruited. Hotel operators include Hotel Lotte, Shinsegae Chosun Hotel & Resort, and Ambassador Group. Lotte Shopping and Shinsegae Property have joined for cultural and commercial facilities.

A GS Engineering & Construction official stated, "As the longest-standing partner in the Jamsil MICE project, we will contribute to making it a new landmark symbolizing Seoul. Since it is a long-term operation project of up to 40 years, we consider construction quality a critical factor that can determine the project's success or failure, and top domestic construction companies will collaborate to apply the best technology."